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High Streets Thrive: India Leads Global Retail Rebound
19 Nov
Summary
- Khan Market ranks 24th globally as India's priciest shopping street.
- India's retail rents grew 6% year-on-year, outpacing global averages.
- Experiential retail and premiumization fuel demand for physical stores.
India's Khan Market continues to hold its status as the nation's most expensive shopping street, securing the 24th position globally in a recent retail report. With rents reaching $223 per square foot annually, this prime location underscores the persistent appeal of high street retail despite the rapid expansion of e-commerce.
The report highlights a global trend of resilience in high street retail, with a majority of expensive retail streets experiencing rental growth. India stands out with a notable 6% year-on-year rental increase across its tracked locations, significantly exceeding both regional and global averages. This growth is propelled by a combination of rising affluence, increasing demand from premium brands, and the unique experiential draw of physical retail spaces.
Factors such as the limited supply of prime retail spaces, the consumer desire for experiences, and a hybrid 'phygital' shopping behavior are sustaining the demand for high streets. These locations offer unparalleled brand visibility and engagement opportunities that online platforms cannot fully replicate, solidifying their irreplaceable value in the retail ecosystem.
