Bangalore is known to be as one of the fastest growing cities in India with an economic growth of 10.3%. This city is the third largest hub for High Net-Worth Individuals after Mumbai and Delhi, and is home to over 10,000 millionaires and about 60,000 super-rich people who have an investable surplus of US$ 1 million to US$ 116,000. In this class are old business-owners, industrialists, entrepreneurs, US-returned Indians and expats. Some of the key drivers of this wealth are the large number of rich Indians moving back to Bangalore from abroad along with the city incubating dozens of high-value entrepreneurs and companies creating wealth for professionals by way of ESOPs.
Bangalore comprises of a dynamic blend of people, belonging to various religions, castes and communities. With the introduction of Information Technology to the city, it has assumed an international character. With this diversity and blend of cultures Bangalore is a major hub for international concerts, cultural events and a vibrant social scene. According to PriceWaterhouseCoopers, this city has a high early-adopter population who are open to experimenting with new technology, food and clothes. It has also emerged as the luxury destination of the South - shoppers from Chennai and Hyderabad regularly frequent the city.
Retail Climate
At present, The Galleria in Leela Palace Hotel is Bangalore’s first luxury retail destination which is located near the airport. This 5 star hotel houses brands like Hugo Boss, Trussadi and Mont Blanc in its mall.
UB City created by Prestige Group and United Breweries Limited is located in the heart of Bangalore's Central Business District comprising 139,352sq/mtrs of built-up space with 11,613 sq/mtrs dedicated to a high-end luxury shopping center known as The Collection. This is India’s first luxury mall which consists of stand-alone boutiques from high-end brands such as Louis Vuitton, Tods, Salvatore Ferragamo, Ermenegildo Zegna and Burberry. UB City houses premium serviced apartments designed by Oakwood, a variety of café’s and restaurants as well as offices for MNC's such as Citigroup, Toyota, ABN Amro, Jones LaSalle and Yahoo.
The Collective spurred by retail conglomerate Madhura Garments has created a super-premium lifestyle retail concept offering international brands. Approximately 1,800 sq/mtrs, the multi-brand-outlet caters specifically to the discerning Indian man. This store offers a combination of men’s Apparel, Accessories, Made to Measure clothing and a host of lifestyle services. Brands range from Armani Collezioni from Italy to Ted Baker from Britain. The store is located on Vittal Mallya Road in central Bangalore.