// London’s New Bond Street identified as Europe’s most expensive shopping street
// It’s the 3rd most expensive in the world, behind Hong Kong’s Causeway Bay (1st) & New York’s Upper 5th Ave (2nd)
// Others in the global top 10 include Champs Elysees in Paris, Milan’s Via Montenapoleone & Ginza, Tokyo
London’s New Bond Street has been identified as the most expensive shopping street in Europe for retailers to rent store space, and the 3rd most expensive globally.
Prices in the West End street reached $1714 per sq ft (£1,335 per sq ft), according to the Main Streets Across the World report from property consultancy firm Cushman & Wakefield.
The two locations that are more expensive than New Bond Street are Hong Kong’s Causeway Bay and Upper Fifth Avenue in New York City, which were ranked first and second respectively.
Closer to home, Avenue de Elysees in Paris was ranked 4th, followed by Via Montenapoleone in 5th.
Ginza in Tokyo just missed the top five, while Sydney’s Pitt Street Mall was ranked 7th.
Rounding out the top 10 globally are Zurich’s Bahnhofstrasse, Myeongdong in Seoul and Kohlmarkt in Vienna.
“New Bond Street carries such a high retail rent premium over other London streets due to its global renown amongst luxury retailers, who perceive representation here, alongside other locations in New York, Paris and Tokyo, as key to success,” Cushman & Wakefield head of central London Peter Mace said.
He added: “Prime rents in luxury shopping destinations, New Bond Street being a key example, have held up relatively well despite the political uncertainty the UK has endured recently, as the prestige and attraction of global luxury brands remains unsullied.”
On a more local scale, the report found that Covent Garden was the second most expensive street in London during the second quarter of the year, at £950 per sq ft per year.
Sloane Street, Oxford Street and Brompton Road made up the reset of the top five for the most costly streets for retailers in London.
In a wider UK context, London took the top seven slots for the priciest shopping destinations, followed by Glasgow, Manchester, Leeds, Newcastle and Edinburgh.