HYDERABAD: The retail industry in Hyderabad is experiencing remarkable growth with five high streets emerging within the country’s top 30. Notably, Somajiguda secured the second position among the highest-performing high streets, following MG Road in Bengaluru. As per the India Real Estate Vision 2047 report by Knight Frank, several other high streets also demonstrated strong performance, including Ameerpet, Banjara Hills, Jubilee Hills and Gachibowli. Within both shopping malls and high streets, apparel and food and beverage remain the leading categories.
Malls have evolved into multifaceted family entertainment and shopping destinations, offering a convergence of diverse retail offerings under one air-conditioned roof. In contrast, high streets continue to serve as the heart of local shopping and essential services. These two formats possess distinct characteristics that attract significant interest from both retailers and consumers alike.
Hyderabad’s retail market secured the second position with nearly 2 million sq. ft. of high street space. High streets are characterised by convenient access, parking facilities, and a diverse array of retailers.
Their layout and design significantly influence visibility and attractiveness. The retail sector is highly competitive and the rise of malls has emphasised the importance of delivering an exceptional customer experience.
According to Knight Frank, in 2022, the top eight cities, including Hyderabad, featured 271 operational malls. Approximately 30 high streets across these cities encompassed a total retail area of 13.2 million sq. ft., out of which 5.7 million sq. ft. comprised modern retail space. The presence of retailers on high streets holds equal importance to that in shopping malls.
High streets with excellent transport access, parking facilities, store visibility and consumer spending potential have exhibited superior performance. With the escalation of income levels and the increasing consumer spending propensity in India, it is projected that by 2047, retail consumption will account for 37 per cent of total private consumption. This surge in consumption is anticipated to bolster the entry and expansion of retailers, providing a substantial boost to both shopping malls and high streets in the retail real estate sector.