Why is Gurugram one of the Ideal Destinations to start your Retail Venture in India?
Gurugram, formerly known as Gurgaon, has moved way ahead from once being the outpost of Delhi to becoming one of the biggest commercial and financial hubs in North India. Today, the city of Gurugram is surrounded by skyscrapers, buildings, next-level residential societies, etc.
Multinational brands coming to India and setting up their Asian headquarters in the city is surely something notable. In fact, Gurugram is home to offices of more than half of Fortune 500 companies in India, which is why it is also called the Millennial City.
What is more prominent is the fact that with these MNCs coming, the opportunities for many retail business holders have evolved, bringing in so much business. The city offers plenty of opportunities for malls, hypermarkets & supermarket operators, and high street retail. The city is home to 106 hypermarkets and supermarkets, including high-end brands such as Le Marche, Nature’s Basket, etc. It is also home to around ~ 90 operational malls.
Mentioned below are some of the factors that are driving the retail market in Gurgaon
- IT Hotspot: Gurugram is one of the major IT hubs of India, popular among project developers and commercial property landowners. Because of the city’s proliferating nature, A-1 real estate players are aiming more at building commercial properties to meet the needs of an increasing number of businesses and organisations. A plethora of skilled and unskilled labour from neighbouring cities like Delhi, Noida, Faridabad, and Ghaziabad also makes Gurugram a place of their dividends. The IT workforces are generally very well-travelled, both globally and domestically and they have a huge appetite for modern retail and the high street.
- Excellent Commercial Communities: The existence of areas MG Road, Golf Course Road, Golf Course Extension, Sushant Lok, DLF Phase (1-4), etc. Gurugram keeps on growing its fascination as a promised land for commercial properties. Favourable Return on Investment (ROI), the previously mentioned areas have experienced an investment mutiny in properties such as deluxe restaurants, 5-star hotels, educational institutions, and proclaimed hospitals. The continual rise in the average standard of living of Gurugram residents has also led to a demand for first-rate infrastructure. There are also upcoming corridors such as Sohna road, Dwarka Expressway, Sohna region, etc.
Gurugram also has a host of entertainment-cum- food zones such as Cyber hub, Bani Square, Sec-29, Galleria, Good Earth City Center, Cross point, etc. The rent is available in the range of INR 75-450/ Sq. Ft.
- Flawless Connectivity: Other than the financial prospects of Gurugram, the city has a practical benefit too. It is connected effortlessly with the national capital through the eight-lane National Highway-48 (NH-48) and the Delhi Metro, making it convenient for people to travel for work or leisure purposes. Additionally, the private shuttle services and bus routes offer transport to and from the Indira Gandhi International Airport in South-West Delhi. The yellow metro line has been extended to Gurgaon. In addition, the city is equipped with a light metro system, a rapid metro network spread across 13 kms.
- Numerous Consumers:Owing to the massive inflow of working professionals, the customer base in the city of Gurugram is enhancing. A huge section of the city’s population comprises young nuclear families, millennials, and working women professionals, who play a crucial role in fascinating global retail giants. The bigger middle class living in and around the city is also key to the quickened growth of Gurugram’s retail industry.
- Financial Advantages:After obtaining commercial properties and retail spaces in Gurugram, the investors choose to rent them out to upgrade their cash flow. The added revenue can be utilised to pay back loans, make other business plans or improvise their lifestyle by spending on leisure activities. On the other hand, real estate returns are comparably better than possible other options like stocks or bonds. The investments also increase in value with time.
All these prospects make Gurugram a hub for retail business as it upholds opportunities one cannot imagine.
Why hire the services of a consulting company before starting in Gurgaon
In markets like Gurgaon, if you plan to set up a retail venture, it is generally advisable to take support from research & business consulting companies such as The India Watch. Always remember that Gurgaon is fraught with opportunities. However, it is a competitive market, and to succeed in such a market, it is always advisable to get access to valuable insights, information, and data.
Our team at The India Watch has done its research and knows what location, domain, infrastructure, etc., can suit your Retail business. Thus, we can be your business advisor for the best outcomes.
The Range of Services by The India Watch includes the following:
- Prepare feasibility studies and market intelligence reports for the proposed venture
- Conduct market surveys to learn more about the target audience, alongside their need and want
- Based on the Ideal consumer profile created, we can help in devising the appropriate positioning and marketing strategy.
- Through our affiliates, we can also help in the execution of marketing, communication, PR, etc. for the venture.
- We can offer actionable insights on competition, supply chain, distribution network, regulatory framework, etc.
- We can advise on how to start a business and the number of processes that are needed.
- We can assist in company formation, office or industrial real estate scouting, etc. Likewise, we can help in finding the right vendors and suppliers on behalf of our clients.
- We can help you find which location/ mall/ business center/ commercial or office complex is best suited for your proposed retail business
- Besides, the points mentioned above, we can offer other custom-made research and market intelligence services, tuned as per the requirements of the client.
- For any further assistance, feel free to drop us a mail at firstname.lastname@example.org