Shopping remains one of the world's favorite activities, but few consumers realize that the price tags they see often reflect the staggering costs of operating on some of the planet's most exclusive retail corridors. The latest Main Streets Across the World 2025 report from global real estate consultancy Cushman & Wakefield has mapped the shifting landscape of luxury retail destinations worldwide.
Global Retail Hierarchy Revealed
According to the comprehensive study, rising rental values, currency fluctuations, and intense competition for premium locations have significantly reshaped the world's leading shopping destinations. This has created noticeable movement in the global rankings while some established players maintained their dominant positions during a year characterized by steady but cautious market evolution.
The report identifies the top ten most expensive retail streets globally, with London's New Bond Street claiming the premier position at $2,231 per square foot annually. Milan's Via Montenapoleone follows closely at $2,179, while New York's Upper 5th Avenue between 49th and 60th Streets completes the top three at $2,000 per square foot each year.
The complete global top ten includes:
- New Bond Street, London, UK – $2,231/sq ft/yr
- Via Montenapoleone, Milan, Italy – $2,179/sq ft/yr
- Upper 5th Avenue, New York City, US – $2,000/sq ft/yr
- Tsim Sha Tsui, Hong Kong – $1,515/sq ft/yr
- Avenue des Champs-Élysées, Paris, France – $1,364/sq ft/yr
- Ginza, Tokyo, Japan – $1,257/sq ft/yr
- Bahnhofstrasse, Zurich, Switzerland – $1,051/sq ft/yr
- Pitt Street Mall, Sydney, Australia – $795/sq ft/yr
- Myeongdong, Seoul, South Korea – $653/sq ft/yr
- Kohlmarkt, Vienna, Austria – $601/sq ft/yr
India's Position in Global Retail Landscape
Delhi's prestigious Khan Market has secured the 24th position in the global index, commanding annual rents of $223 per square foot (approximately ₹19,500). Although it slipped one position from its 23rd rank in the previous edition, Khan Market continues to reign as India's most expensive high street retail destination.
Gautam Saraf, Executive Managing Director for Mumbai & New Business at Cushman & Wakefield, highlighted the growing significance of Indian retail corridors. "India's high streets are demonstrating exceptional resilience and growing global prominence," he stated. "Premium destinations like Khan Market, Connaught Place, and Galleria Market are attracting international and domestic brands, driven by rising affluence and evolving consumer preferences."
Saraf further explained that the limited addition of new mall space has pushed retailers toward high-street locations to achieve better visibility and enhanced customer engagement. Remarkably, more than half of this year's retail leasing activity has originated from these prominent street locations, underscoring their expanding role in shaping India's retail ecosystem.
Indian Retail Markets Show Strong Growth
The report reveals impressive rental growth across several key Indian retail destinations. Gurugram's Galleria Market recorded the most substantial increase with a 25% surge in rental values, followed by Delhi's Connaught Place at 14% and Mumbai's Kemps Corner at 10%.
Across the sixteen Indian locations tracked in the study, rental growth averaged 6% year-on-year, indicating robust health in the country's retail real estate sector. The research also identified Chennai's Anna Nagar 2nd Avenue as the most affordable main street in the entire Asia-Pacific region, with annual rents of just $25 per square foot.
This comprehensive analysis demonstrates how Indian retail destinations are gradually ascending the global rankings while simultaneously experiencing significant domestic growth, reflecting the country's evolving consumer economy and the strategic importance of high-visibility retail locations in an increasingly competitive market.
