New Delhi (Delhi) [India], November 19 (ANI/NewsSee): India is home to the largest youth population in the world. This signifies the potential for generating strong demand, especially in the retail sector. India’s retail sector is already one of the largest in the world, estimated at nearly US$900 billion in 2020, and is expected to grow to US$1.7 trillion by 2026.
According to a new report by ANAROCK Retail, between April 2020 and May 2021, some of the leading retail brands have secured over 120 rental deals across major high street markets in Indian cities and towns. Transaction sizes ranged for areas as low as 400 square feet and up to 35,000 square feet, the report said. Of the categories that entered into high street leases, apparel had the largest share of transactions with a share of over 23%, followed by restaurants with a 15% share and jewelry with 12%. Hypermarkets and supermarkets mainly rented large spaces on the main streets of small towns. Major Tier II and III cities include Chandigarh, Lucknow, Ahmedabad and smaller cities in Uttar Pradesh and Madhya Pradesh.
Tier II and Tier III cities are expected to drive the next wave of retail growth and have received five times more investment in retail infrastructure compared to metros and Tier 1 cities over the past decade . Located on the road that connects Chandigarh to Delhi and other parts of Punjab, Zirakpur therefore benefits from the trade and interactions that occur along this economic corridor. The city is an outstanding example of the growing space of the Chandigarh ring road. With the addition of private developers, the city has become a valuable hub for property investors and end users.
The town has become a focal point for a number of large-scale residential and commercial developments. Zirakpur currently has one of the most developed economies. The steady growth of the city has gradually attracted a large number of individuals to live in the area. In Zirakpur, Starbucks has opened its first and only drive-through outlet in India. Popular brands like Arrow, Louis Philippe, Van Heusen, PE, Nike, Adidas have opened several stores in and around Zirakpur in recent years highlighting the importance of the city especially among shoppers. Apart from this, many popular cafes and restaurants like Mcdonalds, KFC, Burger King and many more have opened in the city giving residents various options.
The growing popularity is associated with the presence of retail giants such as Walmart, Max Wholesale, Best Price to name a few. The D’Mart distribution chain has opened 3 outlets in Zirakpur. The presence of these giants attests to the fact that Tier II cities and towns offer Indian retail the greatest opportunity for retailers. Since logistics costs are lower in cities near Chandigarh, especially in Zirakpur, such businesses can become profitable much faster in this city.
Sushma Group, the leading developer in the Chandigarh Tricity & Zirakpur region, offers leased space in its commercial projects where it has entered into ties with global brands such as Nike, Subway, Pizza Hut, Crocs and many more. This in turn has motivated investors to purchase units occupied by these major global brands so that they begin to reap the benefits of rental income from day one. As global brands are already operating in the project, it promises great footfall and makes the commercial project an ideal destination as a leisure avenue for shoppers.
The availability of housing and business premises close to the Chandigarh restriction has prompted the creation of an urbanization scenario in Zirakpur. Recently, the city has started to develop its personality, which encourages new businesses and institutions to settle in Zirakpur. The city is extremely well served, whether with neighboring towns or major transit hubs; it comprises a significant portion of the Chandigarh International Airport hub. Connectivity gives the city a competitive advantage as a preferred center for investment.
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