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- Retail Realty in South
Thanks for your valuable input. Reading this post was encouraging and looked very positive. However, I would also like to draw attention on the slowly slumping retail sector in southern India. It is rather disturbing that despite the fact that South India retailers introduced organized retail concept in the country, they are now on the down slope. Thanks to lack of quality retail space.
Where on one hand, India is pegged to add at least 100 million sq. ft. to its available retail space during the fiscal year of 2007-2008, South India shall get a measly share of only about 16 million sq. ft. Of this share, the major growth is projected to be witnessed in tier-II cities like Vishkapatnam, Mysore, Kochi, Coimbatore, and Mangalore.
While real estate developers concentrated more on IT office complexes, retail realty was dying a slow death. South India has a very strong base of young consumers who strive for quality and do not have enough splurging options to spend their five figure salaries on.
So, no time is better than now to tap this huge potential retail market. This comes from Salarpuria Developers, who believe that retail realty needs resurrection at the earliest. They have invested in construction of a 1.4 million sq.ft. “Market City” in Hyderabad’s Hitech City and two malls in Bangalore. He is just one of the many developers and if others follow suit, this region of India considered the haven of IT shall also become a haven for shoppers! Let hope for the best!CommentQuote0Flag