IndiaRetailBiz

Retailers are using flagship stores in prestige locations to leverage the value of their brands — they are not just attracting local shoppers but shoppers from around the world; whose reason to travel is quite often to shop” –John Strachan, Global Head, Retail, Cushman & Wakefield.

Khan Market of Delhi is in top spot again! It continues to command highest shop rentals in India.

Khan Market has surpassed market locations in Moscow, Beijing, Kuala Lumpur, Amsterdam, and Toronto, among others. Only, 15 out of 231 shopping locations across 44 countries are ranked higher than Khan Market as expensive retail high streets in the “Main Streets Across the World 2007″ on the annual global report unveiled by Cushman & Wakefield’s.

New York’s Fifth Avenue, Hong Kong’s Causeway Bay, and Paris’ Avenue des Champs Elysées, however, are the world’s top three most expensive shopping destinations.

Apart from being the most expensive retail location in the country, Khan Market also has the distinction of being the biggest riser in retail rents among the world’s most expensive shopping locations.

Though, retail in India is currently going through a revolution, part of the increase in rents is due to the lack of high-quality space in the right location, says Rajneesh Mahajan, National Head, Retail, Cushman & Wakefield India.

Interestingly, shop rentals in all countries of Asia are on the rise. The growth during the year was 23.8% a a whole, says the report. Japan, Australia, Korea, Singapore and Hong Kong are among the countries in the region that have experienced solid growth in rentals over their existing bases.

“The driving force in many of the Asia-Pacific locations is also the emergence of a middle class with money in their pockets,” says John Strachan, Global Head, Retail, Cushman & Wakefield.