As the global slowdown pushed consumers to stay at home, retailers halted expansion plans and checked out of expensive high-street locations. Result: Rental rates at high street locations across the world crashed, with the biggest crashes in Mumbai.
Among the exceptions were Bangalore’s two iconic retail hubs, Brigade Road and Commercial Street, and Kolkata’s Camac Street.
Mumbai’s leading highstreet locations—Colaba Causeway, Linking Road and Kemps Corner—also reported the largest declines in rentals across the world on a year-on-year basis—63 .5%, 63%, and 60% respectively.
Times of India