 "The Luxury Circle")
Mustafa's Crystal Computers, which stocks mobile phones, portable devices and accessories, was one of the first retail establishments to open in the Elphinstone building of Horniman Circle area in 1998. The 400-square-foot store on the ground floor had banks, boarded-up spaces and some mill offices for company back then. Over the last few years, the quiet precinct has gained a lively energy. Now, Mustafa has several notable retailers for neighbours and parking concerns have made him think twice about bringing his car to work.
The site was originally named the Elphinstone Circle, which was an ensemble of stately buildings overlooking a lush garden. It dates back to the 1860s, when it was built under the governorship of Bartle Frere. At one end is the pristine Town Hall, which faces a crescent of neo-Gothic buildings. The circle's name was later changed as a tribute to Benjamin Guy Horniman, an Irishman, editor of The Bombay Chronicle and a supporter of the Indian freedom movement. Horniman Circle is also 'point zero,' the spot from where all the distances in Mumbai are measured.
Despite its heritage and prime location in the Fort area of South Mumbai, in earlier times it was frequented mostly by bankers and the working class, either on business or for a break in the garden. These days, it is not unusual to spot college students and young professionals stopping here for some coffee at Starbucks or to survey the red-lacquered shoes by Christian Louboutin.
There was already a presence of retailers in the streets of Horniman Circle such as Akbarallys, Raymond and The Bombay Store. However, much of the change within the circle happened after French brand Hermes set up shop two years ago, becoming the first standalone luxury boutique to open outside a mall or a five-star hotel. Hermes' three-year long search for the right location culminated in the opening of its 3,500-square-foot store at 15A Horniman Circle, which was previously a bunch of offices.
Some believe it is the dearth of good retail locations in the city that prompted luxury companies to turn to the area. "In Mumbai, the growth of quality retail space has not been on a par with demand. So people are looking for new avenues like the ground or first floors of commercial complexes," says Subhasis Roy, national director, retail agency, Knight Frank India.
Horniman Circle's strategic position makes it accessible to the upmarket population of South Mumbai, providing an opportunity for high-end retail. Starbucks, Croma and Louboutin have settled in and brands such as Marks & Spencer and Costa Coffee have reportedly scouted for store space as well. Rents have been pushed up roughly 60 per cent in the past two years, going to Rs 350-400 per square foot from the Rs 200-250 per square foot charged earlier.
Despite the recent increase in footfall, the area allows a peaceful, unhurried shopping experience. The architecture, with grand arches and windows, exudes privacy and exclusivity, a definite draw for high street brands. "From a retail perspective it works since there are plenty of offices in the vicinity. Having an outlet (here) provides the working people an opportunity to consider and purchase even on weekdays," notes Ajit Joshi, MD & CEO of Infiniti Retail Limited, which runs the Croma chain.
Some business has spilled over to people like Mustafa, who own older shops. "Croma was earlier seen as competition. But with younger crowds coming here, we started servicing iPhones and BlackBerrys and got new customers," he says. He was also recently approached by a real estate agent to lease out his store for a hefty rent but he will only consider that if commercial taxes start mounting beyond feasibility.
The expansion of high street retail in the area is not without challenges. "Other retailers are looking at the area, but the space being limited it will take some time for the tenancies to change," says Shubhranshu Pani, managing director (retail), Jones Lang LaSalle. "One of the primary challenges of the area is the high rent. That puts pressure on us as far as per square-foot realisation of revenue is concerned," says Joshi.
Art and culture too has been in focus at Horniman Circle in recent years. The Sufi Music and Mystic Festival is an annual fixture, and the circle features as a prominent venue in the Kala Ghoda festival. To further boost interest in the neighbourhood, the government is planning to refurbish the streets and make them friendly for bands and musicians.
Experts reckon it will take time for the district to develop into a full-fledged high street. "It is mostly a banking centre and will stay that way. At least 10 to 12 outlets need to open for it to be a proper high street and that will take some years," says Roy.
The site was originally named the Elphinstone Circle, which was an ensemble of stately buildings overlooking a lush garden. It dates back to the 1860s, when it was built under the governorship of Bartle Frere. At one end is the pristine Town Hall, which faces a crescent of neo-Gothic buildings. The circle's name was later changed as a tribute to Benjamin Guy Horniman, an Irishman, editor of The Bombay Chronicle and a supporter of the Indian freedom movement. Horniman Circle is also 'point zero,' the spot from where all the distances in Mumbai are measured.
Despite its heritage and prime location in the Fort area of South Mumbai, in earlier times it was frequented mostly by bankers and the working class, either on business or for a break in the garden. These days, it is not unusual to spot college students and young professionals stopping here for some coffee at Starbucks or to survey the red-lacquered shoes by Christian Louboutin.
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Some believe it is the dearth of good retail locations in the city that prompted luxury companies to turn to the area. "In Mumbai, the growth of quality retail space has not been on a par with demand. So people are looking for new avenues like the ground or first floors of commercial complexes," says Subhasis Roy, national director, retail agency, Knight Frank India.
Horniman Circle's strategic position makes it accessible to the upmarket population of South Mumbai, providing an opportunity for high-end retail. Starbucks, Croma and Louboutin have settled in and brands such as Marks & Spencer and Costa Coffee have reportedly scouted for store space as well. Rents have been pushed up roughly 60 per cent in the past two years, going to Rs 350-400 per square foot from the Rs 200-250 per square foot charged earlier.
Despite the recent increase in footfall, the area allows a peaceful, unhurried shopping experience. The architecture, with grand arches and windows, exudes privacy and exclusivity, a definite draw for high street brands. "From a retail perspective it works since there are plenty of offices in the vicinity. Having an outlet (here) provides the working people an opportunity to consider and purchase even on weekdays," notes Ajit Joshi, MD & CEO of Infiniti Retail Limited, which runs the Croma chain.
Some business has spilled over to people like Mustafa, who own older shops. "Croma was earlier seen as competition. But with younger crowds coming here, we started servicing iPhones and BlackBerrys and got new customers," he says. He was also recently approached by a real estate agent to lease out his store for a hefty rent but he will only consider that if commercial taxes start mounting beyond feasibility.
The expansion of high street retail in the area is not without challenges. "Other retailers are looking at the area, but the space being limited it will take some time for the tenancies to change," says Shubhranshu Pani, managing director (retail), Jones Lang LaSalle. "One of the primary challenges of the area is the high rent. That puts pressure on us as far as per square-foot realisation of revenue is concerned," says Joshi.
Art and culture too has been in focus at Horniman Circle in recent years. The Sufi Music and Mystic Festival is an annual fixture, and the circle features as a prominent venue in the Kala Ghoda festival. To further boost interest in the neighbourhood, the government is planning to refurbish the streets and make them friendly for bands and musicians.
Experts reckon it will take time for the district to develop into a full-fledged high street. "It is mostly a banking centre and will stay that way. At least 10 to 12 outlets need to open for it to be a proper high street and that will take some years," says Roy.