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Delhi's Khan Market has secured its spot as the 22nd most expensive retail street globally, according to a report by Cushman & Wakefield's titled 'Main Streets Across the World'.
Now in its 34th edition, the report evaluates headline rents in 138 premier retail locations worldwide, many of which are tied to the luxury sector. Khan Market, India's most expensive retail destination, boasts annual rents of USD 229 per square foot (~INR 19,330), reflecting a 7 per cent year-on-year growth. Globally, 79 of the 138 locations tracked reported rental increases, with an average rental growth of 4.4 per cent. Saurabh Shatdal, Managing Director, Capital Markets, and Head of Retail-India at Cushman & Wakefield, highlighted the significance of Khan Market's performance. He said, "Known for its curated mix of premium brands and upscale boutiques, Khan Market attracts affluent shoppers, solidifying its reputation as a high-end retail hotspot. The limited availability of retail space in the area creates intense competition, pushing rental values higher." He added, "With malls facing supply constraints, main streets across India are thriving, driven by robust demand and strong rental growth. As of YTD 2024, main streets have recorded leasing of 3.8 msf, marking 11 per cent year-on-year growth." Across the Asia-Pacific region, Bengaluru's Indiranagar emerged as the strongest rental growth market, while Chennai's Anna Nagar was noted as the most affordable retail street in the region. The global retail landscape has seen significant shifts, with Milan's Via Montenapoleone dethroning New York's Upper 5th Avenue to become the world's most expensive retail destination. This marks the first time a European street has topped the rankings. Rents have surged by nearly a third on Via Montenapoleone over the past two years, solidifying its status as a premier luxury shopping hub. Shatdal said, "Globally, super-prime physical retail spaces remain central to retailers' strategies, highlighting the enduring importance of vibrant shopping destinations like Khan Market. With India's robust economic growth and evolving consumer preferences, the country's retail sector is poised for sustained success." (ANI)
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