Indian Retail Street High on the List

India ranked as the 21st most expensive retail high street in the annual global survey called ‘Main Streets Across the World 2010’ which has been conducted by global real estate consultants, Cushman & Wakefield. With economic conditions stabilising and consumers’ buying trend upsurging, many brands are revising their expansion plans in India. The survey was conducted in 269 shopping locations across 59 countries.



The most expensive retail destination in India, the Khan Market in New Delhi moved up from 24th position in 2009 backed by strong rental value movement over the previous year. "With the markets gaining momentum and retailers, both national and international, revising their expansion plans in India, we are seeing a gradual resurgence in values," said Kaustuv Roy, executive director, Cushman & Wakefield India.



"As before, key cities like New Delhi and Mumbai will be seeing a faster rate of growth in values against others due to greater interest in these markets. However, it is heartening to see that high street locations of Bangalore, Chennai, Pune and even Ahmedabad have experienced a growth over the previous year," he added.



Mumbai’s Linking Road recorded one of the highest annual gains in rental values across the world. The location experienced a rise of 33% in its rental values in 2009–10 over the corresponding period last year. Mumbai was noted for the highest fall in rental values as a result of the economic downturn in the 2009 survey.

"Going forward, we expect many retail markets to gain their previous strength but landlords will be cautious about the rate at which values go northwards. Their lookout would be to keep prices at acceptable limits of growth, given the previous experience of diminished interest for locations with higher values" added Roy.



New York’s Fifth Avenue retained its title as the world’s most expensive shopping destination followed by Hong Kong’s Causeway. Ginza in Tokyo, Japan came in third position overtaking London, Paris and Milan in the 2010 survey.