Various factors are responsible for the development of new retail streets. Emerging destinations usually 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 Chennai, Ambattur and ECR 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.
Ambattur (MTH Road)
MTH Road passes through Ambattur before merging with the Chennai Bypass. Ambattur has witnessed the establishment of several retail stores in last 2-3 years. Initial reasons for emerging new stores in this area were its proximity to densely populated residential neighborhoods of Mogappair, Anna Nagar West, Nolumbur and Padi. The second factor responsible was its proximity to the Ambattur Industrial Estate.
With various IT parks and commercial construction coming up, the industrial estate has been completely transformed over the last few years. Having every factors of growth present in that area, Ambattur is attracting huge real estate development in the vicinity.
'Planned infrastructure upgrades such as widening of the MTH Road stretch in Ambattur can further provide an impetus for retail stores seeking a first mover’s advantage in this emerging main street', says the report.
Thiruvanmiyur to Neelangarai strecth on East Coast Road holds huge potential for businesses. This street is now being transformed into an upcoming retail main street.
This main street is close to both Adyar and Rajiv Gandhi Salai and is easily accessible by road.
The main reason behind the rise of ECR is that it has two major forces active within its vicinity - easy accessibility and increasing urban sprawl. These two factors gave momentum to to retailers’ presence on ECR.
Apart from these factors, strategic presence of Thiruvanmiyur bus terminus and Thiruvanmiyur MRTS Station also helped this area to emerge as a major shopping destination. This area attracts sizeable shopping population from other suburbs such as Velachery.
The interplay of two major forces – easy accessibility and increasing urban sprawl gave momentum to retailers’ presence on the East Coast Road in the stretch from Thiruvanmiyur to Neelangarai, transforming it into an upcoming retail main street.
'ECR caters to the large residential catchment of Kottivakkam, Pallavakkam, Thiruvanmiyur and some neighbourhoods of Besant Nagar and Rajiv Gandhi Salai (up to Shollinganallur), says the C&W report'