The Jimmy Choo store at Galleria, Oberoi Trident

It's a street that defines luxury. Perhaps the most extravagant dowry ever given, stands as the grand Gateway of India at one far end of the cobbled street. The answer to Western flamboyance in gracious Indian style lies in The Taj Mahal Hotel. The only stretch that lets you ride past a boat-scattered bay in a baghi (horse-drawn carriage), Colaba has grown into a high fashion hub in the last few years.

When Minister for Commerce and Industry, Kamal Nath allowed foreign retailers to enter India way back in 2003, international luxury giants Louis Vuitton, Fendi, Zegna, Mont Blanc and Bvlgari set up flagship stores at the Taj Mahal Palace & Towers. The posh South Mumbai locality also allowed standalone Indian multi-designer boutiques like Bombay Electric, Samsaara, The Courtyard and 7 Best Marg, to flourish with similar supremacy.

The terror attack in the area and resulting curfew has hit business dearly. "It's an emotional time. We will stay closed till the curfew is lifted," said a spokesperson from Samsaara, a boutique that stocks some of best Indian designer names including Monisha Jaising and Manish Malhotra. "It's important to remain resilient, not give in to pressure. I am going to evaluate how things go tomorrow, and decide when to re-open my store. We'll have to be more cautious when it comes to security measures," said Priya Kishore of Bombay Electric.

Entrepreneur Mohan Murjani single-handedly brought a smile to brand-conscious consumers by setting up The Galleria at the Oberoi Trident in 2007. Touted as India's first luxury destination, housing top names like Jimmy Choo, Gucci, Bottega Veneta, Estée Lauder and Tod's, the one-stop retail haven attracts both Indian as well as foreign moneybags. But with much of the hotel's upper storeys, even the lobby ravaged by fire, the retail promise seems bleak.