London - New Bond Street has retained its appeal as one of the most luxurious shopping streets in the world. The shopping street, home to leading fashion houses such as Chanel, Mulberry and Louis Vuitton, remains a retail hotspot as annual average rent prices have surged over the past year, growing 37.5 percent, according to the latest report from Cushman & Wakefield's Main Streets Across the World.
The average rental price per square foot per year in June 2016 on New Bond Street, a Zone A district, was 1,600 pounds. A year later, the average rental price has grown to 2,200 pounds or 16,200 euros per square meter, ranking London's New Bond Street as the third most expensive shopping street in the world, up one spot since 2016. This year ranking sees the UK shopping street overtaking Champs Elysées in Paris, which has fallen from third place in 2016 to fifth place, just under Milan's Via Montenapoleone.
FashionUnited maps the 10 most expensive shopping streets in the world according to rental prices on the Google map below:
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New Bond Street retail rent price increases 37.5 percent in one year
Unsurprisingly, New York's Upper Fifth Avenue retained its crown as the most expensive retail street in the world, with an annual average rent of 3,000 US dollars per square foot (28,262 euros per square meter). Hong Kong's Causeway Bay retained its ranking in second place this year, commanding an average rental price of 2,725 US dollars per square foot in 2017, followed by New Bond Street at 1,719 US dollars. Average rental prices on Via Montenapoleone have increased over the last year, placing the Italian shopping street in fourth place, with rent prices sitting at 1,443 US dollars per square foot.
Champs Elysées in Paris rental prices remained steady over the last year, neither growing nor decreasing at 1,407 US dollars per square foot. Ginza in Tokyo, Japan ranks in sixth place, with an average rental price of 1,200 US dollars per square foot per year and is followed by Pitt Street Mall in Sydney, Australia at 1,000 US dollars per square foot. Seoul's Myeongdong comes in eighth place in the report's ranking of most expensive shopping locations per country, with average rental rates at 914 US dollars per square foot per year, followed by Bahnhofstrasse in Zurich at 883 US dollars and Kohlmarkt in Vienna in tenth place with 490 US dollars per square foot per year.
The results underline the continued demand for prime retail locations, despite the growth in online retailing. Over the year to June 2017, global retail rental growth increased 0.5 percent, reported Cushman & Wakefield, with 136 of the 451 locations monitored reporting growth against 90 to report a decline in rents.
Photo: Courtesy of Louis Vuitton, New Bond Street store