Delhi’s Khan Market has etched its mark in global retail, securing the 22nd spot in the prestigious ‘Main Streets Across the World’ report by real estate consultancy firm Cushman & Wakefield. Despite a slight dip from its 21st position last year, Khan Market stands tall as the 22nd most expensive retail high street location globally, with an annual rent of $217 per square foot.
Global Rankings: Shuffling the Deck
The world’s retail landscape experiences a subtle shift in its power dynamics. New York’s Fifth Avenue retains its crown as the most expensive retail destination globally. Milan’s Via Montenapoleone ascends to the second position, displacing Hong Kong’s Tsim Sha Tsui, which now rests in third place. Meanwhile, London’s New Bond Street and Paris’s Avenues des Champs-Élysées maintain their fourth and fifth positions.
Istanbul’s Istiklal Street is a noteworthy mover in the rankings, leaping from the 31st to the 20th spot. This significant jump is attributed to inflation, causing rents to double over the past year.
Indian Main Streets: A Tale of Growth
Saurabh Shatdal, managing director of capital markets at Cushman & Wakefield India, sheds light on the positive trajectory of India’s main streets. Despite Khan Market’s slight descent in global rankings, Indian main streets have seen a commendable 7% growth pre-pandemic, with a 3% year-on-year increase in rent during the September quarter.
Factors Driving Indian Main Street Growth
- Supply-Demand Dynamics: Shatdal underscores the scarcity of space in quality-grade retail malls, contributing to a robust 10% year-on-year average growth in main street rentals.
- Premium Brand Influx: The influx of premium brands into main streets has spurred heightened demand for space, influencing both rents and the unique character of these retail hubs.
- Post-Pandemic Recovery: The post-pandemic solid recovery in the demand for retail space plays a pivotal role in the flourishing Indian main street segment.
Future Outlook: Momentum in the Retail Sector
Given the current momentum and robust demand in the retail sector, Shatdal anticipates continued traction in the main street segment in the coming months. The evolving dynamics of consumer behaviour and the allure of high-end retail experiences contribute to the enduring appeal of main streets.
Top 5 Most Expensive Main Streets in India
Cushman & Wakefield’s report highlights the top five most expensive main streets in India, showcasing the nation’s diverse retail landscape:
- Khan Market (Delhi): Despite the subtle dip in global rankings, Khan Market retains its crown as India’s premier retail destination.
- Connaught Place (Delhi): Another Delhi gem, Connaught Place, secures its position among India’s top retail high streets.
- Linking Road (Mumbai): Mumbai’s Linking Road adds to the vibrant retail tapestry, holding its ground as a sought-after location.
- Galleria Market (Gurugram): Gurugram’s Galleria Market emerges as a key player in India’s retail scene, offering a distinctive shopping experience.
- Park Street (Kolkata): Kolkata’s Park Street rounds up the top five, contributing to the cultural and commercial richness of the city.
In the global tapestry of retail, Delhi’s Khan Market stands as a testament to the enduring appeal of the main streets. As the retail sector continues to evolve, these vibrant hubs not only cater to the growing demands of consumers but also serve as cultural landmarks, weaving stories of commerce and community.