Vadapalani’s Contribution To Chennai’s Retail Space.
Chennai- High streets as a retail format formed the first wave of retail revolution in Chennai. With increasing globalization and cross cultural migration from within India owing to rapid expansion of businesses across regions and territories, the consumption pattern of the city’s working class went through significant metamorphosis.
With the changing consumer landscape of the city, came the second wave of retail revolution which is the penetration of organized retail to cater to the demands of Gen-Y or the millenial generation. Traditionally, top retailers in India leveraged on the footfall advantage of a mall to target the impulse purchasers and the conversion advantage of a high street for repeat purchasers. The Chennai retail market is no exception to the above-mentioned phenomenon. Chennai’s high streets continue to remain as a favorite location for retailers as conversion rates in high streets are higher compared with those in malls. The neighborhood of premium residential catchments, ample space for hassle-free car park and proximity to city center are the key drivers of demand for high-end high streets.
Of the above-mentioned locations, the high streets of Khader Nawaz Khan Road (a.k.a KNK Road) and Wallace Garden Road have emerged as important retail destinations for global luxury, fashion and premium brands. However, over the years, Chennai’s retail landscape has gone through a rapid transformation with the organized retail coming in to the foray. Albeit at a lag, the Chennai city is fast catching up with the much mature retail markets of Mumbai, Delhi and Bangalore. With a cosmopolitan outlook, the city’s organized retail estate market has improved in the recent times with the penetration of major foreign as well as domestic retailers and mall developers.
Apart from the central regions of the city which has already seen a healthy penetration of malls, the suburban areas of Chennai is witnessing significant residential activity, with nearly 71,000 residential units under construction.
Prior to the year 2011, malls were developed to cater to the needs of the parts with high population concentration. Malls such as City Center Mall, Ampa Mall, Express Avenue Mall, Ramee Mall came up in areas such as RK Salai, Nelson Manickam Road, Whites Road and Mount Road. The au courrant Chennai has been witnessing the inception and inaugurations of various malls. Matching the trend of the city’s skyline, Prestige Group has launched – Forum Vijaya Mall in Vadapalani. Stationed next to Green Park hotel which is a unique, high density catchment in Vadapalani, the mall proffers 1.48 million square feet of retail space. The large retail area consists a nine-screen multiplex and 0.3 million square feet of commercial office space. The retail area is married to a 23-level multi-level car parking to accommodate about 2,000 cars. Each floor plate in this single block 12 tower structure has 1.2 lakh square feet. A multitude of restaurants and retail outlets in the mall are Indian brands like RmKV, Poppat Jamal, etc.
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