April 09: Almost 60 per cent of restaurants in Delhi-NCR, Mumbai and Bengaluru are located on high-street markets due to limited supply of quality space in shopping malls and scope for organic expansion, according to a survey by the international property consultant CBRE, based on a survey conducted among more than 1,200 restaurants in key locations in the three cities
Nearly 82 per cent of the restaurants in these three cities are domestic standalone outlet/chains, while the remaining 18 per cent of international origin. “Indian cuisine still dominates the country’s taste buds with a 24 per cent share, followed by multi-cuisine with a 22 per cent share, the survey has found.
Asian cuisine and cafes are the 3rd and 4th preferred choices of diners. Other cuisines including Mexican, Mediterranean, Lebanese and Arabian are gaining significant traction among consumers. Indian cuisine offerings too are evolving with restaurants specializing in regional cuisines like Bengali, North-Eastern, Tibetan, Chettinad and Awadhi cuisine.
“Increasing globalization, growing exposure to international trends and cuisines has led to India’s food and beverage segment going through a transformation in recent years. This evolution is positively impacting the real estate sector as well with allocation for restaurant spaces going up in high streets and organized retail developments,” said Anshuman Magazine, Chairman, India and South East Asia, CBRE, according to a report filed by PTI and published by the National Restaurants Association of India (NRAI).
The survey was conducted to get a better insight into the operation dynamics of these food and beverage (F&B) operators in the surveyed cities. In its report ‘Food for Thought’, the survey concludes increasing urbanisation. Rising disposable incomes and trends of socialising, nuclear families, and growing consumerism have redefined the way urban India’s population dines
“Almost 60 per cent of the restaurants were located on high streets compared to 29 per cent in the shopping malls, thanks largely to the favourable rentals on high-streets, organic expansion opportunities and limited availability of quality space in malls,” says the report. While 62 per cent of all international restaurants are located in malls, 68 per cent of all domestic restaurants are located on high streets. In Delhi, Khan Market and Connaught Place (Rajiv Chowk) are the famous high streets.
CBRE said that the global as well as domestic operators have redefined their offerings and have gone all out to attract the average Indian diner.
CBRE Group, a Fortune 500 and S&P 500 company with headquarters in Los Angeles, is the world’s largest commercial real estate services and investment firm. It has over 75,000 employees, serving real estate owners, investors and occupiers through more than 450 offices worldwide. It offers a broad range of integrated services in real estate.
It was the first international property consultancy to set up office in India in 1994. Since then, the operations have grown to include more than 7,500 professionals across 10 offices with a presence in over 80 cities in India. As a leading international property consultancy, CBRE provides clients with a wide range of real estate solutions, including Strategic Consulting, Valuations/Appraisals, Capital Markets, Agency Services, Asset Services and Project Management. The guiding principle is to provide strategic solutions that make real estate holdings more productive and economically efficient for its clients across all service lines.
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