High street offers a unique platform to fashion brands and delivers experiences that wow customers. It not only serves as a landmark but changes the whole ambiance of the locality where it is situated. A high street enhances the overall lifestyle of the people living in nearby regions.
High street shopping gives people the benefit of venturing out and finding a break from their daily mundane lives. High street is a concept which is a great crowd puller and an alluring investment option!
• Visibility and advantage of timesaving is a major plus for shops on high street. A popular brand in a shopping mall isn’t noticeable to a bystander. Entry and exit into a shopping mall are tedious especially when you need to purchase only a particular thing from an explicit store which could be situated on a higher floor. The branding on a high street store aids a double need of drawing in a customer and making a brand recall for the bystander. On occasion, the store turns into a landmark for directions in the city. It is a sign of very high brand recall.
• In shopping malls, aside from the rental, the retailer needs to pay common area maintenance (CAM) charges which are high; sometimes nearly as much as the rentals. The high street store has no or slight CAM charges. In a shopping mall, one has no adaptability on the use of heating, ventilation and air conditioning (HVAC) as well, which on account of an independent store; they may control the HVAC according to their accommodation and even turn off amid non-peak hours. In a shopping mall, you are required to pay CAM regardless of whether you occupy the store or not.
• A high street manages eliteness to a top-notch brand which is lost in a multi-tenant shopping mall. Services like valet parking, drop-off at the entrance, privacy and fast access may not be conceivable in a shopping centre.
• While a shopping mall may give you a great deal of footfall, but conversions are higher on a high street.
• Some brands require exclusivity with the goal that the customer that is drawn by one brand isn’t cannibalized by another contender. That is the reason some fine-dines and company flagship stores favour high streets.
• At that point, there are a few brands whose business model is to own stores and not rent. Best shopping centres don’t do strata sales and just lease. Thus numerous brands, especially proprietary brands favour high streets.
In conclusion, the success of a brand in shopping malls is subject to numerous external components like:
– Location; its catchment and accessibility
– The developer’s capacity to advertise the shopping mall well, draw in footfalls, his vision to manage the mall, his capacity to maintain when vacancy goes high and so on.
– For a retailer to prevail in a shopping mall, the success of all brands exclusively and the shopping mall collectively is considered vital. It is uncommon for a mall to succeed when many brands are fledging or when the greater part of the spaces/shops are empty. And this may not be a case on a high street.
Saya Homes is coming up with its maiden venture Saya South X, with a remarkable new concept. This unique high street destination is a blend of shopping, food hub, entertainment, business suites and work spaces. It is an excellent opportunity to invest and enjoy returns for the lifetime.