After the pandemic-induced downturn, the city’s commercial hubs are bouncing back. Some traders boast that business exceeded the pre-pandemic levels by 25 per cent, while others confidently proclaim it to be on par.
On Brigade Road, for instance, new retail outlets have replaced the 32 businesses that were closed as a consequence of the pandemic downturn. “Now, not a single vacant shop (here),” asserted Suhail Yusuf, secretary, Brigade Road Shops and Establishments Association.
“New outlets have come up and all the businesses are doing well. There has been a 25 to 30 per cent increase in business compared to 2019,” Yusuf added.
A similar situation could be witnessed in Commercial Street, where traders are consistently reporting an upsurge in business.
“Be it for weddings or festive shopping, the customers are back, and the businesses are doing at least 20 per cent better than 2019,” said Sanjay Motwani, president of the Commercial Street Traders' Association.
Due to the positive business environment, there is now more demand for commercial spaces, and business owners readily agree to pay up.
“Rents are slowly rising since commercial spaces in prime areas are shrinking in the wake of increasing demand,” Motwani said. “In a few cases, those who slashed the rent during the pandemic are asking shop owners to pay the 2019 rents. Many others are demanding more than the 2019 rents.”
Although the weekday crowd has returned to Church Street, traders say the weekend footfall must pick up. “Only then we will reach the pre-pandemic levels,” said Deepak Batavia from the Church Street Shop Owners' Association.
“Retailers may be doing well, but the wholesalers need time to make profits beyond the pre-pandemic levels. The businesses did well in March and the trend continues in April,” trade activist Sajjan Raj Mehta said, adding that close to 80 per cent traders have seen their businesses rebound to the pre-pandemic levels.