Khan Market: King Khan of Asian retail Market

NEW DELHI: Bigger, better, bolder ��� India���s retail tale can���t get hotter than this. In fact, for the first time, three Indian cities have joined the elite list of top 10 retail locations in Asia. Leading the pack, Delhi���s Khan Market has emerged as the fourth most expensive retail high streets across the Asian market, while Mumbai���s Linking Road and hold your breath ��� Chandigarh���s Sector 17 market occupy the eighth and ninth position, respectively.

Overall, Hong Kong���s Causeway Bay is the most expensive retail street in Asia, with Rs 65,000 per sq ft. It is followed by Tokyo���s Ginza at Rs 38,000 per sq ft and Gangnam Station in Seoul at Rs 22,000. The ranking compares only the most expensive high streets in each of the Asian cities.

According to a Cushman & Wakefield report, made available exclusively to SundayET, the Mumbai and Delhi markets still maintain their position as best markets for retailers across categories and witness consistent demand from retailers due to the double digit growth in revenues achieved across brands within the high street markets.

Prime high streets in India provide better revenue for retailers and will continue to be viewed favourably despite the rapid growth in mall development across cities.

Says Rajneesh Mahajan, director, retail, Cushman & Wakefield India: ���With a number of malls failing to provide professional services, they have not been able to meet retailers��� expectations in terms of footfall and conversions.

Most retailers still prefer to take position on high streets, where they are assured better footfalls. This continues to put pressure on the rentals as the available space is not able to meet the consistent demand.