A new report has found that Delhi’s famous Khan Market, known for it’s range of high-end boutiques, premium cafes and bookstores and on-trend brands is India’s most expensive retail street. Khan Market beats out other posh localities in India such as Bandra, Kemps Corner and Malabar Hills in Mumbai or even Connaught Place and Galleria Market in the NCR region, as the costliest high street ranking at #24 worldwide as per the report by Cushman & Wakefield.
Khan Market’s position at #24 is actually a slip in rank from last year when it occupied the #23 spot according to Live Mint. The market’s reputation precedes it as the haute monde of society congregate in the very nooks and crannies that promise a good time. So today, we will look at what makes Khan Market so expensive and the reason behind it’s global position.
Khan Market’s strategic location attracts retailers
The Cushman & Wakefield retail report on ‘Main Streets Across the World’ revealed that Khan Market’s rent had increased 3% in the span of year to a total of $223 per square feet which in Indian currency roughly amounts to Rs 19,754. It is also worth noting that India’s retail sector has reported a 6% YoY growth which outperforms global averages as per the report.
Gautam Saraf, Executive Managing Director, Mumbai & New Business, Cushman & Wakefield said in a statement, “India’s high streets are demonstrating exceptional resilience and growing global prominence. Premium destinations like Khan Market, Connaught Place, and Galleria Market are attracting international and domestic brands, driven by rising affluence and evolving consumer preferences.”
He also went on to state that with limited mall supply, high street markets have become strategic locations for retailers to seek potential customers and visibility claiming that these streets were responsible for half of retail leasing activity. He pointed to premiumisation of brands and experimental retail as trends that the general public was turning to hence the prosperity of markets like Khan Market.
The most expensive high streets in the world
New Bond Street in London which is one of the most popular high-end locations in London, boasting luxury retailers like Chanel, Cartier, Jimmy Choo, Ralph Lauren, Dolce & Gabanna among many others claimed the top in the report as the priciest retail destination in the world. Rent at New Bond Street rose by 22% over the last year with a square feet of area costing $2,231 which roughly amounts to Rs 1,97,598. It is the area’s first time topping this list.
Other high streets across the world which made it to the top 10 include: Milan’s Via Montenapoleone with a rent of $2,179 per square feet was at second position while New York’s iconic Upper Fifth Avenue came in at third place with a rent of $2,000 per square feet. Tsim Sha Tsui in Hong Kong was ranked #4 and the famous Avenue des Champs-Élysées in Paris came in at #5.
