London‘s New Bond Street is now the fourth most expensive retail destination in the world, according to 2016‘s Main Streets Across the World report.
The report from Cushman and Wakefield tracks 462 of the world‘s most popular retail streets in the world and ranks them by rental value.
Number one was New York‘s Upper 5th Avenue, coming just ahead of Hong Kong‘s Causeway Bay.
Paris‘ Avenue des Champs Ã‰lysÃ©es came ahead of London‘s most expensive street.
According to the study 36 per cent of the most popular retail streets across the globe saw a rise in rent, with New Bond Street rising 14.3 per cent to £1000 per square foot.
London saw some of the strongest rental growth across the EMEA region, with retailers paying a premium in order to secure unites with limited availability. Covent Garden and Sloane Street dwarfed New Bond Street with a 31.6 per cent and 27.3 per cent rise in rents respectively.
“Retailers are facing technological advances head on, with more and more brands opting to offer online sales alongside, not instead of, a physical presence,” Cushman & Wakefield‘s head of retail EMEA Justin Taylor said.
“They are also raising the customer experience bar with leading examples including Primark‘s new store in Madrid and Apple‘s refitted store on Regent Street in London.
“Demand is strong for the right space in the right location and the lack of supply along the majority of Europe‘s main thoroughfares is seeing rents rise further and expanding the boundaries of well-established streets.
“This is exemplified by growth seen in some of London‘s premier streets including Bond Street and Oxford Street.”