UK’s most expensive retail street revealed
29 Sep 2010
London’s New Bond Street has been crowned the UK’s most expensive retail street according to Cushman & Wakefields annual Main Streets Across the World report. The report tracks retail rents in the top shopping locations around the worldand draws up a global league table by looking at the most expensive location in each of the countries monitored. New Bond Street, home to renowned fashion brands such as Louis Vuitton, Armani and Burberry, has seen rental rates soar by 19.4 per cent in the last 12 months. Prime retail space on New Bond Street now commands £536 per square foot per year, storming ahead of those commanded on Paris' Avenue des Champs-Elysees.
The sterling’s plummeting value against currencies such as the dollar and the euro has hailed New Bond Street as the European hotspot for foreign visitors.
Peter Mace, Cushman & Wakefield's Head of Central London Retail, said: "New Bond Street remains one of the most sought after locations in the world for luxury brands. This trend is likely to continue for the foreseeable future on the basis that there are still a large number of retail requirements that remain unsatisfied."
Oxford Street, Bond Street and Regent Street have also seen rental increases of 9.3 per cent, whilst globally New York’s Fifth Avenue is the official most expensive retail location in the world, closely followed by Causeway Bay in Hong Kong and Tokyo’s Ginza district.