MNCs rush for domain on Shimla`s Mall Street

Multinational brands are fast replacing traditional stores on Shimla’s Mall Street. The resort town’s most fashionable street is located in the heart of the town and is full of tourists round the year.

This has attracted a large number of multi-national companies (MNCs), who have opened showrooms here. Wrangler, Woodland and Koutons have opened showrooms last month replacing stores run by families for decades. The Mall Street is located at an altitude of over 7,000 ft above sea level.

To add to the charm of the street no motor vehicles are allowed here since the British era when this city was the summer capital of India.

Even though the size of stores are small compared to stores in metropolitan cities the rents being paid by these multinational stores are said to range between Rs 2 to 4 lakh per month per floor.

In the recent past John Players, Adidas, Allen Solly, Reebok, Levi’s, Benetton, Pringle, Duke, Barista,Café Coffee Day and pizza chain Domino’s among others have opened swanky stores and outlets on the Mall Street.

The Mall Street is located at an altitude of over 7,000 ft above sea level. To add to the charm of the street no motor vehicles are allowed here since the British era when this city was the summer capital of India.

“When a tourist walks by leisurely seeing these big brands they serve as reminders of the big brands in the metro cities, so even if the tourist doesn’t shop the MNCs get wide publicity,” said Sachin Bamba who runs a restaurant and textile store on the street.

Garments have always done well in Shimla. Despite being a small town, the hill station is always far more fashion conscious and in with the latest trends.

Dewan Chand Atma Ram (DCAR) is considered one of the most stylish garment stores here and is doing roaring business for decades. DCAR sells many multi-national brands. It opened a new four-storey showroom barely 50 metres from the old store. This new store targets the youth.

A cross-section of store owners told Business Standard that in recent years the tourists have begun to shop a lot on the street. Not only do they have time but access to the best brands in the country here on one street.

Two private banks ICICI bank and HDFC bank have recently rented some of the swankiest and largest commercial areas on the Mall to run their business and compete with each other on this famous street. Bharti Airtel and Aircel have also opened outlets here.

Since space is fast running out on the ground floors, there is now a growing trend to rent out stores on the upper floors many of which are currently used as residential apartments.

“People would any day prefer to move out to cheaper and far more spacious apartments on the outskirts and rent out these upper storey apartments on the Mall and make good money,” said one shopkeeper.