Written by Nandni Garg:
Deciding whether to operate your retail business in an organised retail space or a shop in old and traditional marketplace is a critical choice that can significantly impact your business’s success. The recent Chandni Chowk incident, where a short-circuit led to a devastating fire that gutted numerous shops, serves as a stark reminder of the importance of choosing an organised, well-regulated retail location.
Chandni Chowk, one of Delhi’s oldest and busiest markets, suffered a massive fire due to a short circuit, highlighting several critical issues: haphazard construction, dangling electric wires, and limited emergency access. The area’s age and organic growth have resulted in a maze of narrow lanes and unplanned construction. Electrical hazards, such as dangling wires, pose significant risks, often leading to dangerous incidents like the recent fire.
Additionally, fire-fighting trucks struggled to access the site, delaying efforts to control the blaze and exacerbating the damage. This tragedy underscores the importance of operating retail businesses in organised locations that adhere to strict safety protocols.
Traditional markets like Chandni Chowk were developed based on age-old by-laws and regulations that fail to address modern-day challenges and risks. These markets often lack adequate safety measures, including proper electrical wiring and emergency exits, making them vulnerable to disasters. On the other hand, new markets and marketplaces are constructed with the latest by-laws and regulations, focusing on modern safety standards and risk management strategies.
Opting for a retail space in a well-organised retail space offers numerous advantages over stand-alone locations, particularly in terms of safety, convenience, and customer experience. Organised retail spaces are required to comply with stringent safety regulations, including fire safety measures, which significantly reduce the risk of incidents. These retail spaces are managed by professional teams who ensure that all safety protocols, including electrical, plumbing, and structural safety, are consistently met.
Furthermore, such arcades are designed with ample open spaces, making them safer and more comfortable for customers. Organised parking spaces reduce congestion and enhance customer convenience. Management handles all maintenance issues, including cleanliness, electrical, and plumbing, allowing retailers to focus solely on their business operations. Besides, in case of any eventuality, they have dedicated exit routes to ensure safety.
Organised retail spaces offer a comprehensive experience where customers can shop, dine, and entertain themselves, encouraging longer visits and increased spending. High foot traffic in such spaces means that your business benefits from walk-ins, potentially reducing advertising costs. The management also organises large-scale promotional events that boost exposure for all stores. Reputed builders develop such spaces with advanced security systems in place, ensuring a safe shopping environment for customers and retailers alike.
If you are an owner, organised retail spaces also offer a significant return on investment. While the rent for retail spaces in such arcades might be slightly higher compared to stand-alone locations, the benefits often outweigh the costs. Their marketing initiatives provide individual stores with additional exposure, often included in the rental cost.
One such upcoming project in Chandni Chowk is ‘Rajdarbar Chandini Chowk’. Located at HC Sen Marg, this project is designed to tackle the modern-day challenges and risks that traditional markets face. This new development promises a well-organised retail environment with stringent safety measures, including advanced fire safety systems, robust electrical infrastructure, and dedicated emergency exits. The project also features ample open spaces, organised parking, and professional maintenance services, ensuring a safer and more convenient experience for both retailers and customers.
Operating your retail business in an organised retail space presents numerous advantages over stand-alone spaces in traditional marketplaces. The Chandni Chowk incident serves as a powerful reminder of the importance of safety, regulation, and professional management in retail environments. Organised retail spaces not only offer a secure and well-maintained environment but also enhance the overall customer experience, which can drive higher foot traffic and sales. While the initial costs may be higher, the long-term benefits of safety, convenience, and marketing make organised retail space an attractive option for retail businesses aiming for sustained growth and success.
(The author is director, Rajdarbar Ventures)
