According to a survey by global real estate firm Knight Frank, Bengaluru's MG Road has been ranked as India's best high street for shopping, followed by Somajiguda in Hyderabad. The survey analyzed India's top shopping areas based on accessibility and customer experience, with four of Bangalore's markets making it to the top 10.
On the other hand, Khan Market in Delhi has been identified as the high street with the highest retail rents in India. Besides Khan Market, Gurugram's DLF Galleria, Mumbai's Linking Road, and Turner Road are three high streets where retailers shell out hefty rents to maintain brand presence.
High Streets in India with Highest Average Rent
Notably, Khan Market topped the list of high streets with rents ranging from ₹1,000 to 1,500 per sq ft per month, followed by Gurugram's DLF Galleria with rents ranging from ₹800 to 1,200 per sq ft per month.
This study was carried out in the leading eight Indian cities, focusing on the factors influencing the standard of the customer experience offered by these streets.
Numbers Reflect The Recovery of India’s High Streets
According to the survey, although high streets have a smaller share of the total gross leasable area than shopping malls, they provide greater efficiency and superior customer experience.
It further revealed that modern trade occupies 1.4 million square feet of the 31.7 million square feet of leasable area in NCR shopping centers. In Mumbai, modern trade accounts for 0.7 million square feet of leasable area. Meanwhile, in Bengaluru, high streets have a total leasable shopping area of 15.2 million square feet, with one million square feet dedicated to modern trade.
The Best High Street Shopping Experience in India
High streets in Bangalore’s Indira Nagar and Brigade Road, Mumbai’s Colaba Causeway, and Delhi’s Connaught Place and Khan Market have experienced significant retail expansion and are among the early adopters of modern retail practices, as per the report.
The report also notes that these high streets are well-known for their blend of regional and international stores and possess a devoted customer base. In contrast to other cities, the international brand presence in these three cities' real estate takes up 13-15% of the total footprint.
The report quoted that the high streets are recognized as one of the city's main attractions and a barometer of its worth on a global platform.
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