High-Street Rentals Globally Hit by Slowdown
The worldwide economic slowdown has led to a significant shift in consumer behavior, with people increasingly preferring to stay at home. This change in behavior has prompted retailers to put their expansion plans on hold and reevaluate their presence in expensive high-street locations.
Notable Exceptions
While the global trend shows a decline in rental rates at high-street locations, a few areas have bucked this trend. Notably:
- Bangalore's iconic retail hubs, Brigade Road and Commercial Street
- Camac Street in Kolkata
Steep Declines in Mumbai
Mumbai's prominent high-street locations, however, have witnessed the most substantial drops in rentals worldwide on a year-on-year basis:
- Colaba Causeway: 63.5% decline
- Linking Road: 63% decline
- Kemps Corner: 60% decline
Global Insights from Main Streets Across The World 2009
According to the annual global survey by Cushman and Wakefield, over three-fourths of the world's most prestigious shopping streets have seen rentals plummet by anywhere from 17% to 63.5%. Conversely, around 18% of these locations have experienced growth.