Delhi's prestigious Khan Market has maintained its rank as the 22nd most expensive high-street retail location worldwide, with annual rents of USD 229 (approximately ₹19,330) per square foot, according to the latest report by Cushman & Wakefield. This ranking highlights Khan Market's position as India's most expensive retail destination, underscoring its importance in the global retail landscape.
The findings were part of the 34th edition of Cushman & Wakefield's flagship retail report, Main Streets Across The World 2024, which examines headline rents across 138 premium urban retail locations worldwide. The report ranks the most expensive streets in each market based on annual rental costs.
Globally, Milan's Via Monte Napoleone has emerged as the priciest retail destination, with rents of USD 2,047 per square foot annually, surpassing New York's Upper 5th Avenue, which recorded rents of USD 2,000 per square foot. This marks the first time a European street has claimed the top position in the global rankings. London’s New Bond Street follows at third place with USD 1,762 per square foot, while Paris’ Avenue des Champs Élysées and Hong Kong’s Tsim Sha Tsui round out the top five.
Khan Market, known for its mix of upscale boutiques and premium brands, continues to thrive with a 7% year-on-year growth in rental values. According to Saurabh Shatdal, Managing Director of Capital Markets and Head of Retail-India at Cushman & Wakefield, the area’s limited retail space and high demand contribute to the sustained increase in rents. “Khan Market's position among the world's top retail destinations reflects the strength and resilience of India's retail sector,” Shatdal remarked.
India's retail market has seen robust activity, with main streets recording a leasing volume of 3.8 million square feet so far this year, an 11% growth compared to the previous year. While shopping malls face supply constraints due to limited available space and increasing demand, high-street locations like Khan Market continue to attract affluent shoppers and investors alike, maintaining their strong appeal. These prime locations are becoming more popular with retail businesses and luxury brands, leading to increased competition and steady investment interest.
The report also highlights India's broader retail growth, noting that the country has been the strongest major economy in 2024, fueling demand for retail spaces. Bengaluru's Indiranagar 100 Feet Road led regional growth with a 32% year-on-year increase in rents. Other notable locations, such as MG Road in Pune, Anna Nagar in Chennai, and Park Street in Kolkata, reported double-digit rental growth, reflecting the sector’s vibrancy.
Globally, super-prime retail spaces remain integral to retailers' strategies, emphasizing the enduring appeal of destinations like Khan Market. As India's economy grows and consumer preferences evolve, its retail sector appears promising for sustained success.
(This article is a reworked version of a PTI feed)
