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Rentals have soared so high in Mumbai’s shopping paradise Linking Road that it has become one of the most expensive shopping streets in the world, a report released this week has said.
According to a study on leading high streets of India by Jones Lang LaSalle Meghraj, shopping hubs like “Connaught Place and Khan Market (New Delhi) and Linking Road (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 (New York), New Bond Street (London) and Ginza (Tokyo), the rentals in these leading Indian high streets/ bazaars have witnessed significant growth in the last few years.
The rentals, which were at Rs 300 to Rs 500 per sq ft per month in 2007, have peaked to Rs 550 to Rs 850 per sq ft per month in January 2008, making them the most expensive shopping streets in the financial capital. 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 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 said.
The JLLM reports looks at 21 high streets across India. In Mumbai, it looks at how shopping streets like the ones along Linking Road, Breach Candy and Colaba have managed to retain their customer base despite the presence of about 41 malls in the city.
“With the coming of malls in 2001-2002, it was assumed that this is the end of high street retail. However the study shows that high streets has always been and will be an important component of Indian retail. In fact several international retailers also prefer these high streets as they feel that their brands get lost in a mall. Also shopping streets like Linking Road are slowly seeing a “pedestrianisation” of some portions on weekends,” said Shubhranshu Pani, managing director of retail at JLLM.
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