Delhi's Khan Market Secures Spot In Global Top 25 Retail Hotspots, Says Report

Globally, Milan's Via Montenapoleone has overtaken New York's Upper 5th Avenue as the most expensive retail destination, thanks to a nearly 33 per cent surge in rents over the past two years

Delhi's Khan Market has reaffirmed its status as the priciest retail destination in India, securing the 22nd position in the global rankings of high-street markets, according to a report by Cushman & Wakefield.

Source : PTI

Delhi's Khan Market has reaffirmed its status as the priciest retail destination in India, securing the 22nd position in the global rankings of high-street markets, according to a report by real estate consultancy Cushman & Wakefield. The market recorded a 7 per cent year-on-year (YoY) growth in rentals, further strengthening its position as a premium retail hub.

Globally, Milan's Via Montenapoleone has overtaken New York's Upper 5th Avenue as the most expensive retail destination, thanks to a nearly 33 per cent surge in rents over the past two years.

Delhi-NCR Dominates India's Top Retail Spots

The report also highlights Delhi-NCR’s dominance, with Khan Market, Connaught Place, and Gurugram’s Galleria Market ranking as India’s top three most expensive retail streets. Annual rentals in Khan Market stand at $229 per square foot (about Rs 19,330 per sq ft per annum), while Connaught Place commands $158 per sq ft (around Rs 13,342 per sq ft per annum). Gurugram's Galleria Market follows closely with $143 per sq ft (around Rs 12,075 per sq ft per annum).

Chennai Hosts APAC's Most Affordable Retail Streets

In contrast, Chennai’s Anna Nagar and Pondy Bazar have emerged as the most affordable high-street markets in the Asia-Pacific (APAC) region, with annual rentals at $25 (Rs 2,111) and $26 (Rs 2,196) per sq ft, respectively.

Global and Local Trends

Saurabh Shatdal, Managing Director of Capital Markets and Head of Retail-India at Cushman & Wakefield, attributed Khan Market’s sustained prominence to India’s robust retail sector. "Khan Market’s position among the world’s top retail destinations underscores the resilience and strength of India’s retail landscape," he said.

Known for its premium boutiques and upscale brands, Khan Market continues to attract affluent shoppers, making it a high-demand retail destination. Limited retail space has created intense competition, driving rental values higher.

"Main streets across India are thriving, buoyed by robust demand and strong rental growth. As of year-to-date 2024, main streets have recorded leasing of 3.8 million square feet, marking an 11 per cent YoY growth," Shatdal added.

India's Expensive Retail High Streets

Apart from the top three, other prominent high-street markets in India include:

• Mumbai's Linking Road: $123 per sq ft per annum (Rs 10,386)
• Kolkata's Park Street: $93 per sq ft per annum (Rs 7,853)
• Bengaluru's Brigade Road and Vittal Mallya Road: $80 per sq ft per annum (Rs 6,752)

The Future of Retail

The report highlights the enduring importance of physical retail spaces in global strategies, with super-prime locations like Khan Market remaining central to retailer plans. As India continues to experience economic growth and evolving consumer preferences, the retail sector is set for sustained success. Khan Market's performance reaffirms its status not just as a local icon but also as a key player in the global retail arena.