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Delhi's Khan Market ranks 22nd globally in Cushman Wakefield's Main Streets Across the World report, leading India's high-street retail with annual rents of USD 229 per square foot and 7% year-on-year growth. Competitive demand underscores India's robust retail sector. Regionally, Khan Market rose to 23rd in Asia-Pacific, surpassing Bangkok and Manila's major high streets. Delhi-NCR also features Connaught Place and Galleria Market among India's top retail hubs. Driven by strong economic growth and evolving consumer preferences, the country's retail landscape continues to thrive, with premium locations like Khan Market maintaining their global and regional significance.
Delhi's Khan Market has once again demonstrated its status as a premier retail destination, ranking 22nd globally in Cushman & Wakefield's Main Streets Across the World report. In its 34th edition, the report assesses headline rents across 138 top-tier urban retail locations globally, many aligned with the luxury sector. Khan Market, the costliest retail high street in India, sees annual rents of USD 229 per square foot (INR 19,330), demonstrating a 7% increase in rental prices compared to the previous year. Advertisement
Globally, Milan's Via Montenapoleone surpassed New York's Upper 5th Avenue to claim the top spot as the world's most expensive retail street. This marks a significant milestone, with a European street leading the rankings for the first time. Saurabh Shatdal, Managing Director, Capital Markets and Head-Retail-India at Cushman & Wakefield, highlighted that Khan Market's ranking underscores the resilience of India's retail market. With a curated mix of premium brands and upscale boutiques, the market attracts affluent shoppers, reinforcing its position as a high-end retail hub.
Limited space availability intensifies competition, driving up rental values. Main streets across India, bolstered by high demand and limited mall supply, have witnessed a robust leasing volume of 3.8 million square feet year-to-date in 2024, reflecting an 11% growth over the previous year. The report highlights global trends, revealing rental increases in 57% of tracked locations, with declines in only 14%. The Americas led regional growth at 8.5%, driven by an 11% surge in U.S. rentals. Europe and Asia-Pacific followed with respective growth rates of 3.5% and 3.1%.
Despite recent inflationary pressures and subdued consumer sentiment, prime retail destinations have proven resilient, benefiting from steady economic conditions and rising discretionary spending. In the Asia-Pacific region, Khan Market climbed to 23rd place, outpacing prominent retail hubs in Bangkok, Jakarta, and Manila. Delhi-NCR further solidified its dominance, with Connaught Place and Gurgaon's Galleria Market joining Khan Market among India's top three retail locations. Annual rents for Connaught Place and Galleria Market stand at USD 158 (INR 13,335) and USD 156 (INR 13,166) per square foot, respectively.
Intense competition for limited prime spaces has elevated these areas as high-value retail destinations. Across India, rental growth averaged 9% year-on-year, with standout performances from locations like Bengaluru's Indiranagar 100 Feet Road, which posted a remarkable 32% growth, and other key markets such as Pune's MG Road, Mumbai's Fort/Fountain, and Kolkata's Park Street. Meanwhile, Chennai's Anna Nagar and Pondy Bazaar remain some of the most affordable high streets, offering annual rents between USD 25 and 26.
India's robust economic performance and evolving consumer preferences are driving sustained growth in the retail sector. Retailers continue to focus on high-street locations like Khan Market, underscoring the enduring importance of premium retail spaces in shaping global and regional trends.
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