How high street retail can transform city landscapes and boost local economies

financialexpress.com:

In India, the real estate sector is witnessing rapid growth, and retail is emerging as a critical component of this expansion. Among various retail formats, high street retail is gaining significant traction, reshaping city landscapes and enhancing local economies. High street retail refers to premium shopping areas typically located in the heart of cities. These bustling streets are characterized by a mix of luxury boutiques, flagship stores of renowned brands, restaurants, cafes, and entertainment venues. Unlike enclosed malls, high street retail spaces offer an open-air shopping experience, often integrated with the city’s cultural and historical fabric.

In recent years, high street retail has gained popularity in India. Cities like Delhi, Mumbai, Bengaluru, and Pune have seen a surge in high street retail developments. Khan Market in Delhi, Linking Road in Mumbai, and Brigade Road in Bengaluru are prime examples of thriving high street retail locations. These areas are not just shopping destinations but also social and cultural hubs, attracting a diverse crowd and significantly boosting local economies.

One of the key advantages of high street retail is its ability to attract substantial footfalls. The blend of shopping, dining, and entertainment options creates a vibrant environment that draws people from various demographics. This increase in foot traffic benefits local businesses, as higher footfalls often translate into higher sales and revenue.

According to a report by JLL India, high street retail spaces in prime locations have shown resilience and strong performance, even during economic downturns. The report highlights that high street retail vacancies are lower compared to traditional malls, and rental