Renowned retail real estate developers in the Delhi-NCR region are coming up with high-street retail projects in areas with multiple residential projects. Such vibrant retail projects offer commercial spaces in various categories to cater to the aspirations of buyers and their pocket-friendly requirements.
High streets provide an array of aesthetically pleasing retail units ranging from affordable brands to verdant chain stores and the ease of shopping for everything in one spot. Such RERA-approved commercial marvels are a perfect combination of affordability, entertainment, and shopping, and are conceived keeping the modern needs of consumers and their affordability in mind. Moreover, their proximity to bustling neighborhoods makes them the most desirable retail-cum-recreational hubs. Retail projects on high streets offer visitors a fun, family-friendly experience that also gives them a compelling reason to return. Keeping this factor in mind, several renowned developers are coming up with upscale high-street retail developments in DDJAY (Deen Dayal Jan Awas Yojna) and AHP (Affordable Housing Policy) development projects featuring the best shopping, entertainment, food, and wellness brands, thereby making high-street stores the most inviting retail destinations for customers.
Additionally, high-street retail stores in residential neighbourhoods reflect the sense of community. High-streets are considered the heart of a community and play a crucial role in shaping its identity. As the heart of a community, high streets play a fundamental role in defining the former’s identity.
Real estate consultancy Anarock estimates that over 120 lease deals were closed between April 2020 and May 2021 at major high-street markets in Indian cities and towns. Another report by Cushman & Wakefield reveals that the number of monthly rentals for high street retail locations in Delhi-NCR increased by up to 5.6% during January-March 2022 compared to the previous quarter due to increasing demand for space from retailers. The NCR region, especially, Gurugram and its micro-markets, are becoming new hubs for high-street retail. These regions are witnessing strong growth in demand for high streets due to the rise of a growing aspirational consumer base. Consequently, many renowned developers are launching premium high-street projects in and around Delhi-NCR as retail brands are racing to expand in this region to engage brand-conscious consumers. Good infrastructure, affluent catchment, excellent location, and connectivity are also driving this boom.
High-street retail outlet projects are often designed to provide customers with an unmatched shopping experience. Furthermore, with their breathtaking façade, high street retail projects are ideal locations to maximise the commercial potential of both clients and patrons. The projects are tailored to maximise visibility and capture shoppers’ attention. Furthermore, retail projects on high streets are known for drawing maximum crowds as they cater to every need of visitors.
Apart from offering a holistic ambience with leisure facilities and endless shopping options, high-street retail projects are fast becoming the preferred destination for locals and tourists because of their mouthwatering cuisine. Visitors can enjoy a fine dining experience here with a dedicated gourmet hub designed to cultivate the delightful palates of every food lover. CBRE reports that almost 60% of restaurants in Delhi-NCR, Mumbai and Bengaluru operate on high-street marketplaces.
As big brands become more focused on connecting with consumers and creating loyal customers, high-street retail stores are becoming the new normal. Numerous retail brands focus on high-street retail stores rather than regular stores because investments in independent retail stores can yield better returns. Furthermore, high-street retail stores can offer higher average sales.