Shop owners remember a time when a month’s rent for a shop was Rs. 50 as there were no takers. Today the same shop is rented out for Rs. 6 lakh a month. Over the six decades, S.R. Goyal, who runs Anand General Store at Khan Market, has sold provisions to politicians, senior government employees, and the city’s rich and famous, who live in the vicinity.
Sitting behind the counter at his grocery store, he has seen the market transform from one with 26 provision stores and one restaurant to the dining and multinational brand hub that it has become today.
Mr. Goyal says he was originally running a store where the Lok Nayak Bhavan is currently situated, and catered to those living in the NDMC quarters. When Khan Market was constructed in the 1950’s, he had to move to the new location and set up a shop paying a rent of Rs. 100 a month.
Similarly, Babu Lal Gupta, who runs Capital General Store, says when he first came to the market and took a large store on rent for Rs. 120 a month, there was a smaller space that the same owner was looking to rent out for Rs. 50. But he could not find any takers as the market was mostly empty and shopkeepers would not be able to make that many sales. This is in contrast to the situation today when the rent for a similar size store is between Rs. 6-8 lakh a month. He recalls that there was mostly jungle around the area with a park that had a fountain in the centre where the current main parking area is located.
Mr. Gupta says most of the original owners of shops have preferred to rent out their shops as the rental income is far more than what they can make through business. This is why mostly designers and foreign companies have chosen to set up shop paying the highest rents in the country. “It is tempting to give my shop on rent but what will I do then sitting at home? Money is not everything. I feel proud that I run a shop in India’s best market,” adds Mr. Gupta.
Rupesh Butta of Mercury Audio says with times and advances in technology his shop has changed. What started as a dentist clinic three generations ago, changed to a video rental library, and now sells audio equipment as well as CDs to a niche clientele.
“With the increase in the number of food joints the number of people visiting the market has also increased making it more like the mall culture in which there are many footfalls but not many buyers,” says Mr. Butta.
A feature of the market is that the shops keep changing as they are not able to justify the amount of rent.
Shaheen, a shopper, says, “Every time I visit there is something new. The middle lane only had entry to the residences on the first floor; now the residences are gone; and the steep steps lead to exotic restaurants. My friends and I have tried almost every restaurant and there is still something new to try out in every visit.” Arjun, who has been visiting the market since his schooldays, says, “Earlier we could drive up to Khan Chacha or Salim Kebab in the middle lane, sit in the car, and eat. That charm has been lost and just like the market itself, Khan Chacha has grown from a hole in the wall to a fancy eatery.”
Neeti Goel, who runs La Bodega, a Mexican restaurant in the middle lane , says Khan Market has established itself as a food market where people just show up and then decide what to eat. With the variety on offer, it attracts everyone from expats to locals. “We as restaurant owners factor the high rents into our fixed costs, but the marked has a certain character offering both indoor and outdoor seating, and customers looking for a variety of cuisines.”
