A high street is the main street of a town or of an area within a city which is famous as a traditional site for most important shops and businesses in that particular town.
Micromarkets in commercial real estate perspective can be understood as subdivisions or specific stretches with their own defining characteristics but within an overall market.
Shopping malls are a large retail complex containing a variety of stores and often restaurants and other business establishments housed in a series of connected or adjacent buildings or most generally in a single large building.
Unlike residential, in commercial spaces, the general thumb rule is – Lower the floor, higher the rent. For instance in a G+4 structure in a prime locality, the 4th floor generally gets rented for 1/4th of the rent of the ground floor space. For retail spaces, ground floor is the most preferred amongst all formats of business. These include jewellers, textiles, supermarkets, restaurants etc.
For any format of retail, it is not just about the space being a square or a rectangle, it is of utmost importance that the floor space is clear and devoid of any columns/pillars. This allows formats to carve out a layout with the best possible efficiency without any wastage of space. If we consider the example of a restaurant, if there is a clear floor area devoid of columns, more seating can be accommodated.
CARPET AREA % (EFFICIENCY)
This is an important factor as it is on what a client can work out his interior layout. Most efficient retail spaces are those which have a high carpet area to built up area ratio. In standalone stores, this tends to be in the range of 70-80% whereas in malls it may be as low as 40-50%.
This is of utmost importance as brands are very conscious about neighbouring stores and the kind of footfalls that they tend to attract. In high streets, it is a common sight to see some rundown buildings or small petty shops. A big brand cannot afford to be located near such stores as it has a negative impact on the customer experience.
Frontage refers to the entire length of the building façade that abuts the road. This is a very critical aspect as it has a direct impact on visibility. Higher the frontage, better the visibility. Although a showroom maybe located in a high street, it will fail to attract attention if it has a very small frontage. Also more frontage, most generally, means more parking space and gives an easy access to the building for customers.
Ceiling height also plays an important role in retail space as it not just impacts the store ambience and visibility but also, as several researches have proven, has an impact on the consumer behaviour. If not across the entire space, most showrooms prefer the ceiling height to be higher at the entry as it gives a feeling of openness, comfort and influences the customer to think more freely. All this has a positive impact on the sales.
For any retail setup, signage is a very important aspect as it is what grabs the eyeballs. All showrooms have signages mandatorily on the façade and also at multiple other locations in the building premises so as to be visible from every possible angle. Signages can range from a small standee, lollipop to a massive hoarding running across the entire façade length of the building. Also to be noted is signages are also internal wherein they can be informative (departmental, way finding etc) and also persuasive (attractive imagery, featured products, seasonal etc). All these have a direct impact on the consumer behaviour.
For any retail and restaurant format, sufficient power availability is key as it needs to power up electrical appliances, lighting, HVAC etc. The requirement for power may vary for huge format retail as they have bigger floor plates and also operate on multiple floors. For a restaurant this number is always higher as apart from ACs they also have additional electrical appliances such as freezers, chillers, water coolers, mixers, grinders, microwaves and also most importantly the kitchen exhaust system.