Khan Market, an upscale retail area in New Delhi, has always been known as a virtual oasis of Western-style stores and restaurants.
Nestled within one of the city’s most prestigious residential areas, the plaza contains showrooms for such brands as Nike, Reebok, Benetton and Goodearth, as well as a McDonalds, Barista and Bandhej.
Now a new report from Cushman & Wakefield ranking the most expensive retail streets in the world has listed the market as the biggest riser on the list. In the new report, entitled “Main Streets Across the World 2007,” Khan Market jumped from 24th to 16th place among the world’s most costly retail streets. The top of the list saw little change, with New York’s Fifth Avenue ranking number one and Hong Kong’s Causeway Bay ranking number two. Khan Market ranked as the most expensive retail destination in India, with rentals of Rs 950 ($24) per square foot per month in the second quarter. It witnessed an annual growth of 35.7 per cent over the same period last year. The report concluded that, “Khan Market is the biggest riser in the ranking of the world’s most expensive shopping locations in terms of retail rents.”
Taking into account all of the world’s shopping locations – not just the most expensive – Delhi’s Connaught Place was the biggest gainer in Asia, and globally its growth was only beat by Chicago’s East Oak Street, with an annual growth of 87.5 percent.
New Delhi: the bright lights of Khan Market