That’s right – despite boasting rents worth $1,216 a square foot a year, London’s Bond Street is not the most expensive shopping street in the world.
New York’s Fifth Avenue has been named the world’s most expensive shopping street with rents reaching a record of $3,500 a square foot a year.
James Hawkey, head of retail in Asia Pacific at Cushman & Wakefield, said: “In 2014, retailers showed caution expanding in Hong Kong in the face of moderating sales performance and less exuberant consumption from mainland visitors. Luxury brands were conservative.”
Take a look at the world’s most expensive shopping streets:
1. Upper Fifth Avenue, New York
Rent: $3,500 per sq ft per year
2. Causeway Bay, Hong Kong
Rent: $2,735 per sq ft per year
3. Avenue Des Champs Elysee, Paris
Rent: $1,556 per sq ft per year
4. New Bond Street, London
Rent: $1,216 per sq ft per year
5. Pitt Street Mall, Sydney
Rent: $1,016 per sq ft per year
6. Via Montenapoleone, Milan
Rent: $998 per sq ft per year
7. Ginza, Tokyo
Rent: $953 per sq ft per year
8. Myeong dong, Seoul
Rent: $932 per sq ft per year
9. Bahnofstrasse, Zurich
Rent: $875 per sq ft per year
10. Stoleshnikov, Moscow
Rent: $557 per sq ft per year
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