India in the yore has been famous for its traditional markets - bazaars and fairs, which have over eons servedas cross-roads for retail and wholesale trade, barter and entertainment much like souks in the Middle East or the grand bazaar (Kapali Carsi) in Istanbul. These traditional markets – bazaars or streets have had a pivotalplace in India’s history, and in contemporary times have metamorphosed themselves into shopping streets,roads and junctions across big and small Indian cities. These shopping stretches in their varied formats havefor the better part of independent India’s history characterised “shopping and entertainment” interface for traders and consumers.
The turn of the millennium witnessed the rst organised built for purpose shopping malls emerge in the
India’s metropolitan cities, as well as the strengthening of the organised retail wave in the country.The Indian retail market stood at USD 330 billion in 2007 (Source: IBEF) with a little more than 4% of itbeing attributed to the organised retail sector. By 2010, the organised segment is expected to grow to
Leading High Streets of India
10%. The fast growth of organised retail is ably mirrored in terms of the phenomenal burst of newbuilt-for-purpose shopping mall development. The numbers are now well known – In 1999 there were3 bespoke shopping centres in the country, and as of March 2008, there are an estimated 120 suchoperational malls with another 500 such in the pipeline.The shopping mall and retail revolution has hogged the headlines over the last few years and rightfullyso. However, in the background, India’s prime shopping streets, which are more often than not blessed
with execellent inner city locations, have rapidly and quietly adapted themselves to reect the changing
aspirations of its consumers. Moreover, these streets have been able to capture the shift in the retail tradetowards organised national and international brands, yet subtly containing the buzz and excitement of their traditional offerings. In fact shopping streets across cities in India have ably taken on the onus of showcasingNew India retail alongside the swank new malls.
Indian High Streets-Evolving Retail