According to a study on leading high streets of India conducted by Jones Lang LaSalle Meghraj, shopping hubs including Connaught Place and Khan Market in New Delhi and Linking Road in Mumbai, are slowly but steadily creeping into the league of expensive high streets in the world.
The report, released on July 9, says that although the most expensive Indian shopping streets are nowhere close to rentals in 5th Avenue Manhattan in New York, New Bond Street in London, and Ginza in Tokyo, they have witnessed significant growth in the last few years.
According to the report, rentals, which were at Rs 300 to Rs 500 per square foot a month in 2007, have mounted to Rs 550 to Rs 850 per square foot a month in January 2008. As compared to this, even the plush shopping areas of Breach Candy and Colaba Causeway in South Mumbai have their rents starting only at Rs 350.
The report says that Linking Road, which has been operational since the 1970s, has seen a transformation from clustered, informal and small-format shops to a street that has one of the highest brand penetrations. The arterial road has still retained its inclusive quality by integrating both platform shops and premium retail brands.
“The fact that it sits in the geographic centre of a linear and very wealthy city, and within the cradle of neighbouring affluent residential areas, has only complemented Linking Road’s exhaustive brand mix and integrated retail offerings, all of which, as a whole, have contributed towards its phenomenal success as a retail destination,” the report added.
The JLLM reports studies around 21 high streets across India. In Mumbai, it looks at how shopping streets including Linking Road, Breach Candy and Colaba have managed to retain their customer base despite the presence of about 41 malls in the city.