Joining Khan Market on the list of India’s elite retail hubs are Chennai’s Anna Nagar, Mumbai’s Fort area, New Delhi’s Connaught Place, Gurgaon’s Galleria Market, and Kolkata’s Park Street, as per Cushman & Wakefield’s rankings.
Due to India’s strong economic growth, Khan Market, an exclusive retail area in New Delhi, continued to rank among the world’s most expensive high streets.
India’s Khan Market, an upscale retail area in New Delhi, retained its position among the world’s costliest high-street retail destinations, buoyed by the nation’s strong economic growth.
As of September, renting a square foot in Khan Market costs $229 per year, a premium of $7 compared to Toronto’s Bloor Street, according to a November 20 report from real estate consultancy firm Cushman & Wakefield.
India witnessed a significant 9% surge in retail rents across 16 locations during the quarter, outpacing the global average growth of 4.4%.
The report attributes India’s robust rental growth to its position as the world’s strongest major economy this year. This surge underscores the intense competition for high-end retail space as businesses increasingly shift towards premiumization amidst slowing growth in the mass consumption segment.
Italy’s Via Montenapoleone has claimed the title of the world’s most expensive retail market, with annual rents soaring to $2,047 per square foot, surpassing even New York’s prestigious Upper 5th Avenue. In contrast, Argentina’s Buenos Aires emerged as the most affordable among the world’s 49 most expensive high streets.
Within India, Khan Market in New Delhi maintained its position as the country’s most expensive retail destination. Other high-end retail areas in India, as ranked by Cushman & Wakefield, include Chennai’s Anna Nagar, Mumbai’s Fort area, New Delhi’s Connaught Place, Gurgaon’s Galleria Market, and Kolkata’s Park Street.
