Khan Market Ranks 22nd on Global Expensive Retail Streets List

Delhi's Khan Market climbs to the 22nd position in the world's expensive retail streets ranking. With rents at $229 per square foot, it reflects robust retail demand in India. The Cushman & Wakefield report notes significant global shifts, including Milan's Via Montenapoleone leading the list.

Delhi's Khan Market has achieved a notable position as the 22nd most expensive retail street worldwide, according to the Cushman & Wakefield's report 'Main Streets Across the World'. Now in its 34th edition, the report examines headline rents in 138 elite retail locations globally, many of which are associated with the luxury sector.

Khan Market is identified as India's priciest retail spot, with annual rents recorded at USD 229 per square foot, or approximately INR 19,330, showcasing a 7 percent year-on-year increase. Across the globe, 79 out of the 138 monitored locations indicated rental hikes, with an average growth rate of 4.4 percent.

Saurabh Shatdal, Managing Director of Capital Markets and Head of Retail-India at Cushman & Wakefield, emphasized the performance of Khan Market. He stated, 'Renowned for its curated selection of premium brands and high-end boutiques, Khan Market attracts wealthy buyers, reinforcing its reputation as a high-end retail destination. The scarcity of retail space in the locale generates strong competition, leading to elevated rental prices.'

He further observed, 'While malls are experiencing supply issues, India's main streets are flourishing, propelled by strong demand and noticeable rental growth. As of the year to date in 2024, main streets have seen leasing activity reaching 3.8 million square feet, reflecting an 11 percent increase from the previous year.' In the Asia-Pacific region, Bengaluru's Indiranagar showed the strongest rent escalation, while Anna Nagar in Chennai was marked as the most economical retail street.

The global retail scene has undergone considerable changes, with Milan's Via Montenapoleone replacing New York's Upper 5th Avenue as the planet's most expensive retail avenue. This is the first instance of a European street topping the list. Rents on Via Montenapoleone have surged nearly one-third over the past two years, cementing its place as a leading luxury shopping district.

Shatdal remarked, 'Globally, top-tier physical retail spaces continue to be pivotal to retailers' strategies, underscoring the lasting importance of dynamic shopping destinations like Khan Market. With India's strong economic trajectory and shifting consumer trends, the country's retail landscape is set for continued success.'

(With inputs from agencies.)