Tuesday, January 30, 2007

Bangalore faces shortfall of space for luxury retailers

Bangalore is facing a shortage of premium space for retail, as large format retailers are now looking for space outside of malls, so that they can control the look and feel of the store. Business Standard reports that the high end segment is one of the fastest growing segments in Bangalore and commercial space is getting segmented and organized as international companies are setting benchmarks on the kind of property they are looking for. The two main requirements for top end retailers are large retail space and enough parking space. Other important factors are having a good retail mix in the area and also having some space between shops.
This new demand has led to the emergence of non-CBD areas like Koramangala, Indiranagar, Malleswaram and Jayanagar as potential locations for such stores. It is in these areas that new development and fresh construction are taking place.

Such developments are happening despite the commissioning of four malls, Forum, Garuda, Sigma and Prestige Eva, totalling one million square feet of retail space.

All these have come up in and around the traditional prime shopping areas like Commercial Street, Brigade Road and M G Road.

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