Somajiguda is the second best high street in the country
For better shopping experience, Somajiguda in the city has occupied the second position on the list of best high streets in the country.
Hyderabad: In terms of offering a better shopping experience, Somajiguda in the city has occupied the second position on the list of best high streets in the country.
A survey by Knight Frank, the real estate consultancy, has Bengaluru’s MG Road leading the list of 10 high streets in the country with Somajiguda in second place and followed by Linking Road (Mumbai) and South Extension (Delhi).
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The ranking study was done as part of Knight Frank India’s flagship annual retail report ‘Think India Think Retail 2023 – High Street Real Estate Outlook’, in association with Phygital Retail Convention 2023, for 30 high streets across the top eight markets.
The top high streets were the ones convenient in terms of access, parking facilities and with a varied assortment of retailers. The layout and master planning of the high street define the visibility.
Inward looking markets like Khan Market (Delhi) and DLF Galleria (Gurugram) scored very low, whereas markets aligned along the access road like MG Road (Bengaluru), Somajiguda (Hyderabad), Linking Road (Mumbai), Anna Nagar, Park Street and Camac Street (Kolkata) scored high.
The Knight Frank survey also placed Hyderabad in the second position with only NCR ahead of it, while assessing the highest percentage of modern, non-modern retail arenas in the country.
While the NCR had a total retail arena of 5.2 million sft, Hyderabad was second with 1.8 million sft followed by Ahmedabad and Bengaluru with 1.5 million sft, each. However, in terms of the total modern retail arena percentage, Hyderabad with 1.1 million sft is inching close to the top position occupied by NCR with 1.4 million sft.
Shishir Baijal, Chairman & Managing Director at Knight Frank India, said, “Globally, cities are identified by their high streets, often one of the main attractions of the city, and the brands on these streets – a barometer of the city’s worth on a global platform.”
Top 10 High Streets:
Rank City High Street
1 Bengaluru MG Road
2 Hyderabad Somajiguda
3 Mumbai Linking Road
4 Delhi South Extension – Part I & II
5 Kolkata Park Street and Camac Street
6 Chennai Anna Nagar
7 Bengaluru Commercial Street
8 Noida Sector 18 Market
9 Bengaluru Brigade Road
10 Bengaluru Church Street
(Source: Knight Frank Research)
Comparison With Shopping Malls:
Globally, malls have emerged as family entertainment and shopping destinations with a confluence of retail categories under one air-conditioned roof. High streets, on the other hand, points out Knight Frank report, serve as the core of friendly neighbourhood shopping and utilitarian functions. Both these formats have different characteristics and command captive interest from retailers and consumers.
