Indian realty pricing may have gone through the roof in recent times, but downtown costs pale in comparison with rentals at airports. Nevertheless, given the “quality retail outlets” available in the swanky new terminals, lifestyle brands, restaurants and duty-free operators are making a beeline for them in their quest for global visibility.
Fortunately, there’s no shortage of space. The capital’s T1/T3 terminals offer over 320,000 sq ft of retail space; the new Chhatrapati Shivaji International Airport (T2) has 700,000 sq ft up for grabs. More importantly, Indian airports handle 121 million domestic and 41 million international passengers annually. In the first three months of 2014, over 35 lakh international passengers travelled on Indian carriers alone.
The cost of setting up shop at the new airports is $1,000-1,200 per sq metre, according to Nuance group. But the high costs are no deterrent, when you consider the huge potential involved. No wonder, all the big local players–from electronic retailer Croma to leather brand Hidesign to Lite Bite Foods and Shoppers Stop—can be found at the new Indian airports. For the elite traveller, there are Hugo Boss, Bose, Burberry, Prada, Emporio Armani etc.
Read news in full 25/05/14 Sharan Poovanna/New Indian Express
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