According to a recent survey conducted by real estate company, CBRE Group, across more than 1200 restaurants at significant locations in Delhi-NCR, Mumbai, and Bangalore, a major chunk of restaurants are situated on high streets as compared to in malls. “Almost 60% of the restaurants were located on high streets vis a vis 29% in malls”, the report stated, citing “favorable rentals on high-streets, organic expansion opportunities and limited availability of quality mall space” as the reason behind this trend.
While comparing the three cities, TOI points out that Bangalore has 83% of casual dining restaurants (CDRs) on its famed high streets, including Indiranagar 100ft Road and 12th Main, Koramangala 80ft Road, Lavelle Road, and St Marks Road. Further up North, Delhi-NCR has 64% of its CDRs on high streets like Chandni Chowk and Hauz Khas, while Mumbai lags behind with just 30% restaurants at high streets, including on the Colaba Causeway and Linking Road.
CBRE’s survey unearthed some interesting numbers about homegrown chains versus international origin restaurants. For instance, a majority, that is, almost 82%, of the surveyed restaurants, were domestic standalone chains; and of the 18% international chains, United States-based businesses account for almost 70% of the restaurants in the international category. In terms of location, their choices were divergent; while 62% of all international restaurants are located in malls; 68% of all domestic restaurants are located on high streets.
To keep up with the high concentration of food joints at high streets, the malls are also catching up. “More space allocated for F&B in malls, the emergence of dedicated F&B clusters, food festivals in malls, F&B pop-ups, increased allocations in commercial buildings are some of the key trends that have been noticed off late”, the survey pointed out. Meanwhile, CDRs have exhibited an upward trend with 46% of the sample restaurants being CDRs.
The Eating Out Generation
If restaurants are mushrooming all over the three metros, can the consumers be far behind? A CBRE report also went on to point out that a major chunk of the Indian millennial, 60%, is likely to eat out at least three times every month.
So what is this ‘eating out generation’ really eating? According to the report, the leading choice of cuisine is Indian with a 24 % share, followed by multi-cuisine with a 22% share, and Asian grubs and café food finishing at third and fourth positions. Additionally, the affinity for Mexican, Mediterranean, Lebanese, and Arabian cuisines is also on the rise with a number of themed menus and spaces coming up. Read the complete report here.