Bengaluru: Parking is up for grabs in city's prime shopping and entertainment hubs - Brigade Road. Mahatma Gandhi (MG) Road and Commercial Street, but there are no takers! The availability of parking space in the peak hours in city's commercial nerve centre is not however something to celebrate or compliment the Bengaluru traffic police for better space management.

Parking is available because business has nosedived after demonetisation of higher currency denominations on November 8 to anywhere between 50 and 70 per cent on Brigade Road, Commercial Street and MG Road, echo Suhail Yusuff, secretary, Brigade Shops & Establishments Association (BSEA), Ajay Motwani, vice president, Bangalore Commercial Street Association (BCSA) and B.P. Srinath, Bangalore Traders Association (BTA).

"Business is down by at least 70 per cent on Brigade Road and people are hesitant to spend money because they are apprehensive about the next move of the Central government after the sudden demonetisation drive," said Yusuff.
He added that parking slots on Brigade Road are free even during peak business hours because people are not stepping out to shop.

"There's total uncertainty in the air. The demonetisation move is a huge step forward to do away with black money but it has hit the common man, especially the middle class," he added. "From the department and brand stores to eateries, pubs and resto bars, the footfall has reduced significantly in the last three weeks," said Yusuff. He added that the negative sentiments should settle down before Christmas and New Year.

According to Motwani shopping is a form of "entertainment and a great stress buster. It allows people to release stress on the streets, but it has come to a temporary stop for now because people are spending more time standing in bank and ATM queues. They are getting tired and are uncertain about the next move," said the businessman. He too praised demonetisation and said that Indians have to "face the music and learn to enjoy and value money," he added.

On M.G. Road business is down by 45 to 50 per cent, said Srinath. "Even though most of the business here is conducted through debit/credit cards, people are not coming out to shop because they are not sure what's next. Things should ease out once the ATMs start functioning and there's liquidity in the market," he added.