Is Khan Market Overpriced? Discover the World’s 10 Most Expensive Shopping Streets and India’s Position

Shopping is a beloved pastime for many, yet few consider the significant costs associated with retail spaces. A recent report by Cushman & Wakefield, titled “Main Streets Across the World 2025,” highlights the world’s most expensive shopping streets, revealing how rising rents and fierce competition have reshaped these iconic locations. The report shows a mix of stability and change among the top-ranking streets, with some areas climbing the list while others maintain their positions.

The Most Expensive Retail Streets Globally

According to the Cushman & Wakefield report, the most expensive retail street in the world is New Bond Street in London, with an astonishing annual rent of $2,231 per square foot. Following closely is Milan’s Via Montenapoleone, where rents reach $2,179 per square foot. New York City’s Upper 5th Avenue ranks third, with an annual rent of $2,000 per square foot. Other notable streets include Tsim Sha Tsui in Hong Kong at $1,515 per square foot and Paris’s Avenue des Champs-Élysées at $1,364 per square foot.

Tokyo’s Ginza follows with rents of $1,257 per square foot, while Zurich’s Bahnhofstrasse commands $1,051 per square foot. Sydney’s Pitt Street Mall, Seoul’s Myeongdong, and Vienna’s Kohlmarkt round out the top ten, with rents of $795, $653, and $601 per square foot, respectively. The report illustrates the competitive nature of these retail spaces, driven by demand and the allure of prime locations.

India’s Position in the Global Retail Landscape

In the global context, Delhi’s Khan Market ranks 24th, with an annual rent of $223 per square foot, maintaining its status as India’s most expensive high street. The market dropped one position from the previous year but remains a key player in the country’s retail scene. Gautam Saraf, executive managing director at Cushman & Wakefield, noted that India’s high streets are showing remarkable resilience and gaining global recognition.

He highlighted that premium locations like Khan Market, Connaught Place, and Galleria Market are attracting both international and domestic brands. This trend is fueled by rising affluence and changing consumer preferences. Saraf pointed out that the limited availability of mall space has led retailers to seek visibility on high streets, which are becoming increasingly vital for customer engagement.

Rental Trends in Indian Retail Markets

The report also reveals significant rental growth in various Indian markets. Gurugram’s Galleria Market saw a remarkable 25% increase in rents, while Connaught Place experienced a 14% rise, and Mumbai’s Kemps Corner recorded a 10% increase. Overall, rental growth across 16 tracked locations in India averaged 6% year-on-year. This trend underscores the evolving dynamics of the retail landscape in India, where high streets are becoming more prominent.

Additionally, the report identifies Chennai’s Anna Nagar 2nd Avenue as the most affordable main street in the Asia-Pacific region, with rents at just $25 per square foot per year. This contrast highlights the diverse retail environment in India, where premium and budget options coexist, catering to a wide range of consumer needs and preferences.

The Future of Retail Streets

As the retail landscape continues to evolve, the findings from Cushman & Wakefield’s report suggest that the competition for prime retail spaces will remain fierce. Rising rents and changing consumer behaviors will likely influence the dynamics of shopping streets worldwide. Retailers will need to adapt to these changes, focusing on high streets for better visibility and customer interaction.

The ongoing trends indicate that while some streets may rise in prominence, others will need to innovate to maintain their appeal. The report serves as a reminder of the economic forces shaping the retail sector and the importance of location in determining success in this competitive market.

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