New Delhi: Delhi’s Khan Market is the most expensive retail location in India and has secured the 24th position in global rankings. According to the Cushman and Wakefield report, with the upscale of Khan Market, it continues to be the costliest place to hire a shop in India. Despite monthly rentals being stable at Khan Market at Rs 1250 per sq ft in the past one year, its ranking improved. In the 2016 report, it was placed 28th. “Khan Market has emerged as the most expensive retail location in India and has clinched the 24th position in global rankings,” the consultant said. The rise of Khan Market in the global rankings since 2016 is because of a drop in rentals in some key global markets, it added.
Under a survey, 400 retail locations globally were considered across 66 countries for the annual survey. New York’s Upper 5th Avenue retained its numero uno position while Hong Kong’s Causeway Bay and London’s Bond Street were ranked second and third, respectively. In the Asia-Pacific region, Khan Market came at the 11th position while Gurgaon’s DLF Galleria and Mumbai’s Linking Road secured 19th and 20th positions.
“The retail sector in India has remained cautious in activities even though there was a visible momentum in leasing across main streets as well as shopping centres. Leasing activities across most key micro-markets were led by food and beverages and fashion and lifestyle brands,” said Anshul Jain, Country Head and MD-India, Cushman and Wakefield.
“These micro-markets have been commanding high rentals as these are established retail destinations due to factors like their geographic locations allowing access to larger catchment for the retailers,” the consultant added.
“Connaught Place, which had slipped from its previous superior retail destination status, saw renewed interest from retailers across categories. The location has gone through a reinvention in the last few years, with the metro construction being completed and making it easily accessible from across the city,” the consultant said.