titled "Think India Think Retail 2024," reveals this surprising shift in consumer preferences. High streets are no longer seen as outdated, but as vibrant competitors to enclosed malls.

Why the High Street Revival?

The report highlights several factors driving the resurgence of high streets:

• Experiences, not just Purchases: Modern shoppers crave more than just a shopping trip. High streets offer a lively atmosphere, a sense of community, and the ease of browsing through stores located close together.
• Cost Advantage: Rents on high streets are typically lower than in malls, making them attractive to both established brands and new businesses. This affordability allows for a wider variety of shops, catering to diverse tastes.
• Prime Locations, Easy Access: High streets are often situated in well-connected areas with high foot traffic. This provides better brand visibility and convenient access for customers, eliminating the need for parking hassles.
• Local Charm: High streets often retain a distinct local character, fostering a sense of community and attracting residents who prefer familiar shopping environments.

City by City: High Street Hotspots

The report also explores the varying prominence of high streets across different cities:

• Bangalore Takes the Crown: MG Road, Commercial Street, Brigade Road, and Church Street solidify Bangalore's position as the leader with the most prominent high streets in India.
• Other Major Players: Hyderabad, Mumbai, and Delhi boast successful high streets like Somajiguda, Linking Road, and Khan Market respectively.
• Focus on Up-and-Coming Areas: Interestingly, the report suggests that established high streets may not see the same rental growth as newer ones with development potential. This indicates investor interest in these emerging areas.

A Changing Mix on High Streets

The report also showcases a shift in the composition of high street retail. While traditional stores remain a significant presence, there's a clear rise in non-traditional (organized/modern) retail formats:

• Organized Retail Chains on the Rise: The growth of organized retail chains on high streets is driven by factors like standardized products, efficient operations, and strong brand recognition. Improved infrastructure, such as pedestrian walkways and parking facilities, further enhances the appeal of high streets for these retailers.
• Benefits for Consumers: The entry of established brands and organized retail chains brings a wider product range and a more standardized shopping experience to high streets. This caters to a growing segment of consumers who value convenience and brand recognition.
• Fashion Takes Center Stage: Fashion/apparel is a dominant category on high streets, catering to a large segment of consumer demand. This can be attributed to several advantages:
• High visibility for fashion brands with storefront displays and window shopping opportunities.
• The open and walkable nature of high streets encourages impulse purchases, benefiting fashion retailers with trendy items.
• Diverse options – a mix of established brands, local boutiques, and budget-friendly stores – appeal to a wider customer base.

The Knight Frank India report underscores a significant shift in India's retail landscape. High streets are poised for continued growth, offering a dynamic and evolving platform for retailers and consumers alike, with their focus on experience, affordability, and accessibility.