Exploring the challenges of sourcing premium retail spaces with basic amenities
“Navigating the Highs and Lows of Premium Retail Spaces in Mumbai and Thane: Balancing Luxury with Essential Amenities for a Seamless Customer Experience.”
Recently, I visited several upcoming markets in Mumbai and Thane to scout for retail spaces for my clients. During these visits, I encountered a peculiar trend that raises questions about the approach of developers in these high-potential areas.
Developers are pushing for high-street retail concepts with impressive rental rates ranging from ₹400 to ₹600 per square foot. The goal is to attract high-end brands and create premium shopping destinations. However, a glaring issue stands out: the reliance on common washrooms shared among retail shops.
The Issue with Common Washrooms
For luxury brands that pride themselves on offering an impeccable customer experience, the idea of having their clients step out for nature’s call to a shared facility is less than ideal. This setup not only distracts the consumer but also diminishes the overall shopping experience. High-end shoppers expect convenience, privacy, and a seamless experience—all of which are compromised when basic amenities are lacking.
Lack of Provisions for Restaurants
Another significant concern is the absence of provisions for restaurants in these retail spaces. Restaurants require specific infrastructure, including fire exits, to comply with safety regulations. Without these, potential tenants in the food and beverage sector are automatically excluded, limiting the diversity and appeal of the retail environment.
Suitable Tenants for These Spaces
Given the current layout and amenities, these retail spaces are more suited to businesses that do not rely heavily on in-store customer facilities. Ideal tenants include:
Designer clothing boutiques
Shoe brands
Jewelry stores
Mobile & Watch brands
Cafés with minimal cooking requirements
Customer Experience is Key
Ultimately, for high-end brands, customer experience is paramount. Developers aiming to attract such tenants need to re-evaluate their approach. Providing private washrooms and necessary infrastructure for restaurants could significantly enhance the appeal of these retail spaces, aligning them more closely with the expectations of luxury brands and their discerning customers.
By addressing these critical aspects, developers can create truly premium shopping destinations that offer both high rentals and the exceptional experience that luxury brands demand.
