The posh Khan Market in South Delhi has been ranked as the 24th most expensive retail location in the world. According to the Cushman and Wakefield, with Rs 1,250 per sq ft, Khan Market is the most expensive location in the country to rent a shop. The rent is stable with what it was last year, but the ranking went up four spots from 28 to 24.
According to reports, this rise in the rankings is because some prime locations globally have recently seen a dip in its rentals. The survey took place across 400 retail locations across 66 countries.
The top spot on the list was bagged by Upper 5th Avenue in New York, followed by Causeway Bay in Hong Kong, New Bond Street in London, Via Montenepoloene in Milan and Avenue des Champs Elysees in Paris.
India fared better in Asia-Pacific, where Khan Market was ranked the 11th most expensive retail location. DLF Galleria in Gurugram and Linking Road in Mumbai were ranked 19 and 20 respectively.
According to the report, leasing patterns across most micro-markets were primarily led by food and beverages and lifestyle brands. The report mentioned that there is a mix of international brands and a number of motor manufacturers have taken up space in prime South Delhi locations, keeping the rentals up by 4-5 per cent in Khan Market and Connaught Place and by 3-4 per cent in Gurugram's DLF Galleria. On the other hand, except for food and beverages brands, leasing activity in Mumbai's prime locations has been sluggish, the report mentions.
"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.
Raj Bhawan Road/Somajiguda in Hyderabad emerged as the most affordable retail location in Asia-Pacific, as mentioned in the report.
(With agency inputs)
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