By Soniya Gaonkar on Oct 22, 2021 12:53:00 PM
Alongside Pune, PCMC has grown to become a significant retail hub. The city’s retail growth is evident from the many retail stores, some of which are globally recognized, that have opened up lately. As a retail player, if you intend to leverage the city’s business potential, let us tell you, you’ve made the right choice. But having said that, you need the right location to kickstart your business and allow it to blossom. This is how you choose the perfect one.
Opening a New Luxury Retail Outlet? – How to Find the Best Location around Pune
1. Accessibility of the Location
These days, people prefer shopping locally. And, with so much retail action happening around and choices available, a PCMC resident might not necessarily think of traveling miles away, cutting his way through traffic to Pune to shop, unless he needs something specific. So, first things first, your location should be convenient to access. It shouldn’t take forever or require herculean efforts for people to do so. The shopping complex, wherein you choose to set up your retail store, must either be in the city center or near-prime residential zones.
2. Type of Potential Customers in Pune and Pimpri Chinchwad Area
Another significant factor while choosing a retail outlet location near Pune and PCMC is the type of prospects staying around. For instance, if you plan to open a kids’ clothes retail store in an area wherein the majority of the people are senior citizens or bachelors staying as paying guests, working in offices nearby, the idea wouldn’t work. So, no matter how prime the location, if you do not have as many prospects around, the venture wouldn’t meet the desired success.
3. Presence of Competitors in Pune and PCMC
Retail is a highly competitive business. And, cities like PCMC are on the business radar of many. Hence, before you finalize a location, you need to check the presence of competitors nearby. Of course, if you’ve chosen a prime location such as Chinchwad, or Pimpri, having none or very few aren’t practically possible, as everyone wants to tap the city’s potential. However, having too many direct competitors can make it hard for you to cut through the competition and take time to build considerable profits.
4. The Infrastructure of the Location You Choose in Pune
The location you choose must have basic amenities and all others that make it a truly modern shopping avenue that meets the expectations of 21st-century shoppers. Basic infrastructure includes elevators, washrooms, safety, security features, CCTV cameras, etc., to ensure people feel safe and cared for while shopping.
Additionally, amenities such as ample parking space, multi-level parking, etc., are essential from the viewpoint of convenience and encourage repeat business.
5. Leasing Terms and Conditions
This is a critical factor, as it is directly concerned with your running capital. You must talk about the lease terms with your broker and strike a beneficial deal for you.
For instance, a lot of developers offer only long-term leases, which lock your money for the lease duration. So, you face the compulsion of investing a certain amount, regardless of whether your business succeeds or not. On the other hand, a short-term lease offers flexibility. However, it makes you vulnerable to rent increments. So, thinking about these macro and micro factors, along with experts, will help you make the right choice for your business.
Kohinoor World Towers – The Upcoming Business Landmark of PCMC Pune
Kohinoor World Towers (KWT), situated on the Old Mumbai-Pune Highway between Pimpri and Chinchwad, is the next business landmark of the city. The massive commercial center comprises large floor plate offices (25,000 sq. Ft To 65,000 Sq. Ft.), smart-sized offices (2,000 sq. Ft Onwards), and a high street (1,000 sq. Ft Onwards). The project is spread across nine acres, features five towers of 12 floors each.
Additionally, the project’s location between Pimpri and Chinchwad offers retails a strategic advantage, as the project is accessible and convenient to reach from various parts of the city, including Chinchwad, Pimpri, Ravet, Nigdi, Pradhikaran, Shahu Nagar, Kalewadi, etc. To know more, connect with Kohinoor’s experts at +91 20 6764 1818.