Luxury settles on high street in India
By FashionUnited
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Another sought after location is South Mumbai’s Horniman Circle. Many lifestyle labels are vying to capture space at this location. While Hermes has a store there -- its third in India -- the buzz is Christian Louboutin too will open its store in the area. Rentals have shot up dramatically in the last two years from 250 per sq. ft to 400 per sq. ft.
Delhi is not far behind. Close to Delhi Airport’s Terminal 3 is Aerocity, a development that’s a mix of hotels, offices, malls and convention centres, it is expected to emerge as a huge draw from luxury shoppers once it’s up and running. Bharti is developing a 1.5 million sq. ft. integrated office and retail project, Bharti’s Worldmark, that’s expected to be operational in the next six to nine months. And in Noida, another real estate developer, 3Cs, is developing a luxury arcade in a premium mixed use property called Delhi One.
First Mumbai offered brands an option of luxury malls, when High Street Phoenix built The Palladium in Lower Parel. Later, Vijay Mallya came up with the UB City in Bangalore and DLF built the Emporia in South Delhi. DLF is now replicating that success with a luxury mall in Gurgaon and another one in Chanakyapuri.
As per real estate consulting firm Cushman & Wakefield, five-star hotels across cities such as Mumbai, Delhi and Bangalore account for as much as 80-90 per cent of luxury retail space in the country. Footfalls have, however, been lower in hotels than in malls because most guests at hotels shop overseas. While malls and standalone luxury outlets have been a comparatively bigger draw.