Retail development in Kochi

No doubt, the M.G Road is still the nerve centre of retail trade in Kochi with Marine Drive supplementing it. But what does the  future hold? There are some fundamental aspects to look into when talking about the direction retail hubs Cochin would take.  Kochi real etsate.

Retail concentration in Ernakulam is mostly in and around M.G Road, the Marine Drive and Broadway. Of these Broadway has remained stuck in time with no major change happening over the last few decades. M.G road holds the chunk of retail establishments and these include jewellery, clothing, footwear, eateries, banks, theatres and commercial offices. M.G Road has run out of quality retail space and there is limited activity happening at the moment. Apart from the Peevees mall coming up right next to Abad Plaza and the couple of smaller ones closer to the north end there is little by way of retail expansion. This has lead to rentals turning more expensive and the retailers looking at newer centers of growth. Marine Drive has seen some good amount of retail growth in the last few years with the addition of a couple of mini malls. There is more coming up including the Kerala Trade Centre of the Kerala Chamber of Commerce. New developments coming up north towards the Goshree Bridge is also likely to pick up. Current rentals for retail spaces in these prime roads range from Rs.60 per sq ft to Rs.150 per sq ft.

The south end of M.G Road is yet to pick up but the cost of real estate there is likely to have a bearing on any potential development that side. Again a good length of M.G Road still houses pre-1980 buildings. With increased FSI there could be a pick up in building make-overs with substantial space getting added. Ernakulam property

As to the east the Kaloor-Kadavanthra road with its swanky new look could draw parelells to M.G Road in more ways than one. Its proximity to residential areas will help its case. Panampilly Nagar could also emerge as a mini retail hub which could house upmarket brands. Rentals on this road currently ranges between Rs.25 per sq ft to Rs. 80 per sq ft.

However the biggest challenger to retail in the Central Business District will be the NH-47 bye-pass. It is already home to a number of businesses including car showrooms, accessories, furniture dealers. With 2 (Oberon and the Souk) malls starting operations, 2 more under construction (Grand Village (A P project and Lulu) and few more on the drawing board (Prestige )one wouln’t be surprised if it takes the sting out of M.G Road. What helps the bye-pass’s case is the traffic situation in Ernakulam and the fact that the typical customer is not someone who resides in Ernakulam. A bulk of these customers pass through the bye-pass to get to CBD. They would be glad to go in for more convenient shopping.

What could change the dynamics back in favour of the CBD?

Traffic buildup is becoming the biggest deterrent for shopping in Ernakulam. The vehicle population has been growing exponentially and in the absence of any new public transport intiatives the situation is going to deteriorate. The main entry points to the city which is the north and south overbridges are taking loads way beyond their capacity. The Pullepady bridge has been in development for a long time now and has not seen the light of the day. Every now and then we hear noises on overbridges at Atlantis, Pachalam but these are distant dreams. Ernakulam property

Kochi Metro is what provides a glimmer of hope. Given Ernakulam’s layout the metro is the best thing that could happen to Kochi.Once completed this has the potential to change the face of the city. The current alignment runs through the nerve and contrary to perceptions aired by various merchant’s fora this has the potential to take Kochi to the big league.

Broadway and surrounding areas are the heart of wholesale trade and could be anything from metals to hardware, sanitary, wood, interiors, plastics, toys, clothes. The city’s main market is also located here. Moving the wholesale market to the outskirts should be looked at as this could ease the pressure on the Ernakulam main lines. A majority of shoppers, retail and commercial live in areas upto 200 kms radius. Not everyone would require to come into the city and add congestion.