Multiple factors guide the development of new retail streets and these emerging destinations apparently witness peculiar syntesis of growth factors and limitations.Cushman and Wakefield in its study attempted to identfy most promising retail centres in seven cities.
In Bengaluru, HSR Layout and Sahakar Nagar emerge as the most promising retail destinations. The study attempted to outline various market forces, which have shaped the current retail landscape in the emerging main streets.
HSR Layout is located between Hosur Road and Sarjapur Road and these two roads are one of the busiest roads in Bengaluru. Mushrooming residential pockets helped HSR Layout 27th Main Street to energe as one of the most attractive retail locations. In fact, growth of IT-ITeS hubs in Electronic City immensely helped this location to emerge as promising retail streets.
The residential catchment for this main street includes Sarjapur Road, Jakkasandara, Hosur Road and the Outer Ring Road (ORR) stretch near Sarjapur-ORR Junction.
Another factors playing crucial role in making this street attractive are lack of malls and retail shops in this area and the presence of National Institute of Fashion Technology.
In addition, proposed metro connectivity also playing an important role for this are to be attractive in coming days.
Sahakar Nagar a co-operative housing society for government employees. This area is sole retail spot between Hebbal and the Bengaluru International Airport, which is why it is witnessing heavy retail growth.
Sahakar Nagar also caters to a large cosmopolitan population from Hebbal, Yelahanka, Thanisandara Road, Jakkur and Jalahalli. As a matter of fact, there are very few retail destinations present in North Bengaluru.
The demographic profile of the catchment consists of not only employees from IT-ITeS industries in North Bengaluru, but also from large number of employees working at the international airport, according to the report.
Prospects of upcoming malls in Thanisandra Road and Yelahanka could also be crucial in boosting retail activities in north Bengaluru.