New Bond Street fought off competition from Paris’ Avenue des Champs Elysees and Milan’s Via Montenapoleone to be named the most expensive shopping street in Europe in terms of rental value.
Property firm Cushman and Wakefield’s annual report on the most expensive retail streets in the world found New Bond Street kept its global position as third most expensive, while New York’s Fifth Avenue dropped to second place and Hong Kong’s Causeway Bay rose to first.
The West London thoroughfare’s average rent for the second quarter of the year was reported at €16,071 (£13,600) per square metre, while Fifth Avenue’s rose to €20,733 (£18,008) and Causeway Bay’s to €24,606 (£21,372).
Meanwhile, further down the list, Tokyo’s Ginza shopping area came in at sixth place and Sydney’s Pitt Street Mall at seventh. Seoul’s Myeongdong, Zurich’s Bahnhofstrasse and Vienna’s Kohlmarkt were in eighth, ninth and tenth respectively.
“There is still a significant appetite for premium retail sites globally, with the top retailers using stores as part of their customer experience strategy,” Cushman & Wakefield head of EMEA retail research Darren Yates said.
“While global trends are not completely uniform, there are some common themes. The most notable include the continued growth of online, omnichannel retailing as standard and significant investment in store design.
“While technology is still a major disruptor in retailing, it is also enabling physical retail to fight back as it allows retailers to better understand their customers and to enhance the in-store experience.”