Business Daily from THE HINDU group of publications
Saturday, Nov 17, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Nov 17, 2007 ePaper | Mobile/PDA Version |
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Marketing
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Retailing Web Extras - Marketing Research ‘Delhi’s Khan Market among most expensive retail destinations’ 
Retail hotspot: A view of the Khan Market in New Delhi. Our Bureau Bangalore, Nov. 16 Khan Market in New Delhi is the world’s 16th most expensive retail high street, according to real estate services firm Cushman & Wakefield’s annual global report, Main Streets Across the World 2007. It ranks higher than markets such as Moscow (Russia), Beijing (China), Kuala Lumpur (Malaysia), Amsterdam (the Netherlands), Toronto (Canada) and so on. The report tracks retail rents in the world’s top 231 shopping locations across 44 countries. Biggest riserKhan Market, besides being the most expensive retail destination in India, is also the biggest riser among the world’s most expensive shopping locations in terms of retail rents. Mr Rajneesh Mahajan, National Head, Retail, Cushman & Wakefield India, says that retail is going through a revolution in India, although part of the increase in rents is due to the lack of high-quality space in the right location. This is in strong contrast to other emerging markets such as China, where less restrictive legislation has meant more construction of retail outlets and retail chains accounting for a much larger share of total sales. New York’s Fifth Avenue retained its title as the world’s most expensive shopping destination followed by Hong Kong’s Causeway Bay and Avenue des Champs Elysées in Paris. According to Mr John Strachan, Cushman & Wakefield’s Global Head of Retail, the global shopping destinations — whether Fifth Avenue in New York, Causeway Bay in Hong Kong or Avenue Champs-Elysées in Paris, where retailers are using flagship stores in prestige locations to leverage the value of their brands — are not just attracting local shoppers but shoppers from around the world; whose reason to travel is quite often to shop. “The driving force in many of the Asia-Pacific locations is also the emergence of a middle class with money in their pockets,” he adds. According to the report, rental growth across Asia as a whole amounted to a strong 23.8 per cent. Mr Sebastian Skiff, Head of Retail Services in Asia Pacific, says that all countries in the region are experiencing rental uplift. “Of particular note is the robust performance in Tokyo driven largely by lack of supply. India saw particularly strong growth in rents, nationally. Australia, Korea, Singapore and Hong Kong also saw solid growth from already relatively high bases,” he says. According to him, retailer demand, fuelled by a healthy consumer spending in the region, continues to be active, whilst store front opportunities on the main high streets and better malls are limited. More Stories on : Retailing | Marketing Research | Real Estate & Construction
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