Emergence of a retail street is a product of multiple factors working behind it, directly or indirectly. Emerging destinations apparently witness unique synthesis of growth factors and limitations. Cushman and Wakefield in its study attempted to identify most promising retail centres in seven cities.
In Kolkata, Diamond Harbour Road and NSC Bose Road have emerged as most promising retail destinations, according to the study. The Cushman and Wakefield study attempted to outline multiple market forces, which have shaped the current retail landscape in the emerging main streets.
Diamond Harbour Road
Diamond Harbour Road (Behala to Joka stretch), located in southern suburbs of Kokata, is rapidly positioning itself as a potential emerging main street. Increasing residential penetration is the most crucial driver behind this region to be established as a major shopping destination.
In recent times, many mini townships and high rise buildings have appeared in nearby localities of Behala, New Alipore and Mahesthala. Consequently, increasing residential activity helped Diamond Harbour Road to emerge as a market centre and address the needs of the population in this area.
'Development of residential complexes near industrial areas such as Taratala also serve as a catchment for this main street where apparels, jewellery, electronics and F&B segments have witnessed good demand from consumers,' says the C&W report.
In addition, the upcoming metro corridor (Joka-BBD Bagh) another strong reason contributing to the growth of retail hub.
Thriving urban sprawl is the strongest driving force behind Diamond Harbour Road to emerge as promising retail main street. Undoubtedly, new townships and surging residential activities are making this strect attractive.
However, availability of quality retail space is a major area of concern. In terms of accessibility, this area can be rated average.
According to C&W data, Diamond Harbour Road has 84% penetration of Domestic brands, whereas foreign brands constitute only 16%. So, there are great retail oppurtunities if the product-mix is appropriate.
As so far rent is concrned, it is on the highr side with high growth rental.
NSC Bose Road
NSC Bose Road is one of the busiest roads in the city. It is located in the middle of two busiest places in Kolkata – Tollygunge (South) and Garia (South Peripheral). This stretch also connects two major transport hubs of the city. Following these factors, this area has witnessed rapid growth of organised retail shops.
Tollygunge serves as the terminal for several transport services such as trams, buses, and metro. On the other hand, two bus terminals serving maor routes in the city are located in Garia. These factors are the major force behind NSC Bose Road to emerge a major retail destination.
'Old residential colonies along NSC Bose Road, along with high density residential pockets of Tollygunge and Garia are the residential catchments for this main street,' the C&W report highlighted.
Large numbers of good quality retail space, which are being constructed at present, will further boost this area as a thriving retail spot.
Urban sprawl and easy accessibility are the top factors that helped NSC Bose Road to emerge as a important and attractive retail location. Availability of Good quality retail space, under construction, is also a big positive for the area.
According to C&W data, NSC Bose Road has 71% penetration of Domestic brands, whereas foreign brands constitute only 29%.
The rent in this area can be dubbed as reasonable with appropriate growth of rentals.