The world’s most expensive retail locations
Cushman & Wakefield (the retail realty specialist) has just published the newest figures on retail locations, together with an outlook
“Main Streets Across the World” (publication) presents a global barometer of the retail sector, tracking rents in the world’s top 334 shopping locations across 64 countries. The publication provides overall regional commentary as well as specific luxury retail overview for each region.
The highlights 2013-14 are: Hong Kong’s Causeway Bay remains the world’s costliest retail location for the second year, running and breaks through the USD 3000 per square foot barrier for the first time in the survey’s 25 year history.
New York’s Fifth Avenue and Avenue des Champs-Élysées in Paris, which saw nearly a 40 % rental rise come second and third place.
Thanks to continued demand from international luxury brands, rents in London’s New Bond Street increased by more than 15 % as the location climbed from sixth to become fourth most expensive shopping street in the world.
Global retail rents remained resilient overall with a 3.2 % average increase recorded for prime locations. The Americas showed the strongest regional growth with prime rents increasing by 5.8 %.