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New Bond Street is Europe’s most expensive shopping street

London’s New Bond Street has been named the most expensive retail street in Europe – and third in the world – with prices reaching $1,714/sq ft (£1,335/sq ft).

It succeeds only Causeway Bay in Hong Kong, which has retained its title as the world’s most expensive shopping street for the second consecutive year at $2,745/sq ft (£2,138/sq ft), and Upper 5th Avenue in New York. Annual rents at the latter cost $2,250/sq ft (£1,752/sq ft).

New Bond Street retail prices have increased by 2.3% in the past 12 months, cementing its position in third place.

Avenue des Champs Elysées in Paris ranked fourth at $1,478/sq ft (£1,151/sq ft), and Milan’s Via Montenapoleone fifth at $1,447/sq ft (£1,127/sq ft).

Five of the world’s top 10 most expensive streets are in Europe – London, Paris, Milan, Zurich and Vienna – with four in Asia and one in the US, new data from property consultancy Cushman & Wakefield showed.

Its latest Main Streets Across the World report, which uses proprietary data to track rents for 448 locations across 68 markets, also revealed that Ermou in Athens recorded the biggest rental rise in Europe, up 14% to $361/sq ft (£281/sq ft) this year.

Darren Yates, head of EMEA retail research at Cushman & Wakefield, said: “In terms of rental performance, this year’s results are encouraging and demonstrate the resilience of the premier retail locations.

“Online sales continue to increase around the world, but while much of the narrative is focused on the challenges the internet poses for traditional bricks and mortar, the relationship between the two is more complex.

“While quantifying the value of the store has become more difficult, it remains an important touchpoint for the consumer, and generates both in-store and online sales by acting as a showroom and creating a wider brand presence.

“The most successful retailers will be those who best integrate their physical and online operations to create a seamless, positive brand experience for shoppers.”

Head of EMEA retail Boris van Haare Heijmeijer added: “Even at the top end of the luxury market, retailers are having to work harder than ever to increase or maintain customer footfall.

“This means diversifying their offer away from just pure sales or transactions. Customers want a destination or attraction as part of their brand experience, and that means adding other services or partners, such as food and drink or leisure activities.

“We expect this type of brand extension to continue as retailers seek to maintain the attention of their customers and to stay relevant.”

Cushman & Wakefield’s full list of top 20 most expensive retail streets in the world is below: 

 

Rank

2019

Rank

2018

Location

City

Market

Rent Q2 2019

US$/sq ft year

Rent Q2 2019

€/sq m year

1

1

Causeway Bay (main street shops)

Hong Kong

Hong Kong (Greater China)

2,745

25,965

2

2

Upper 5th Avenue (49th-60th Streets)

New York

USA

2,250

21,295

3

3

New Bond Street

London

United Kingdom

1,714

16,222

4

4

Avenue des Champs Elysees

Paris

France

1,478

13,992

5

5

Via Montenapoleone

Milan

Italy

1,447

13,700

6

6

Ginza

Tokyo

Japan

1,251

11,838

7

7

Pitt Street Mall

Sydney

Australia

1,076

10,185

8

9

Bahnhofstrasse

Zurich

Switzerland

866

8,195

9

8

Myeongdong

Seoul

South Korea

862

8,163

10

10

Kohlmarkt

Vienna

Austria

513

4,860

11

11

Wangfujing

Beijing

China

471

4,453

12

12

Kaufinger/Neuhauser

Munich

Germany

469

4,440

13

13

Grafton Street

Dublin

Ireland

401

3,794

14

15

Ermou

Athens

Greece

361

3,420

14

14

Portal de L’Angel

Barcelona

Spain

361

3,420

16

17

Orchard Road

Singapore

Singapore

312

2,957

17

16

Kalverstraat

Amsterdam

Netherlands

301

2,850

18

19

Na Příkopě street

Prague

Czech Republic

298

2,820

19

18

Stoleshnikov

Moscow

Russia

288

2,728

20

21

Khan Market

New Delhi

India

243

2,302

*Hong Kong is a Special Administrative Region (SAR) within China

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