Delhi's upscale Khan Market has witnessed 14 per cent decline in rental during the last year amid the COVID-19 pandemic and is ranked 21st in the most expensive high street retail location in Asia Pacific region, according to Cushman & Wakefield.
Around 80 per cent of Indian high street retail markets experienced declines in rent during this period, the property consultant said in its latest Main Streets report.
The top three most expensive cities for retail remain as Hong Kong, Tokyo and Sydney.
Regionally, among the worst-impacted was Hong Kong's premier shopping district of Causeway Bay, which saw a 43 per cent fall in rent to HK$ 870 per sq ft per month.
"Among Indian high streets, Khan Market saw a 14% decline in 2020 and slipped out of the top 20 most expensive markets in the APAC region," the consultant said.
Khan Market continues to be the most expensive retail market in India with a rent of USD 195 per sq ft, followed by Connaught Place in the national capital.
Cushman & Wakefiled noted that India entered the pandemic on strong form with upward pressure on rents in main streets across the major cities in the country.
However, the start of lockdowns from Q2 2020 stalled the momentum and transactions have declined even as markets gradually re-opened in H2 2020.
The ongoing wave of lockdowns that occurred across the country at different times and for varying lengths resulted in an average decline in rents of around 9 per cent, but this ranged from 18 per cent and 14 per cent in Kolkata and Bengaluru respectively to more benign declines of less than 2% in Chennai and Ahmedabad.
Anshul Jain, Managing Director India and South East Asia said, The APAC region has world's 64% smartphone users and the largest share of global e-commerce at 2.5 trillion USD of the global total of 3.9 trillion USD. That makes it easier to comprehend why the pandemic forced buyers to tilt towards online shopping.
Even in the last quarter of 2020 when the markets began to open and main streets began experiencing improved footfalls, people across the region continued to shop online.
"And with the second wave of the pandemic at its peak, partial lockdown imposed in several cities in India, e-commerce will continue to be the obvious preference till we ride out of the current situation," Jain said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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