According to a new report by the property consultancy Cushman & Wakefield, New Bond Street is the most expensive street in Europe when it comes to retail rents. It is also the third most expensive globally.
Rent is reportedly $1,714 (£1,335) per square foot, increasing by 2.3 per cent in the last 12 months. The renowned London street is home to a prestigious selection of global luxury flagship stores (Louis Vuitton, Emporio Armani, Ralph Lauren, Bally, and Hermès among them), which are sparkling even more than usual as holiday festivities get underway.
Causeway Bay in Hong Kong and Upper Fifth Avenue in New York are the only two streets to beat it worldwide, reports FashionNetwork. The former at $2,745 per square foot and the latter at $2,250 per square foot. Avenue des Champs-Élysées in Paris comes in at fourth place, at $1,478, and beats Milan’s Via Montenapoleone at $1,147.
It is thought rents have held up well because of the street’s luxury positioning, which means it hasn’t been as impacted by the rise of online shopping. Nothing beats the experience of buying from a flagship, after all.