London’s New Bond Street has the most expensive retail rents in Europe
London’s New Bond Street is the most expensive shopping street in Europe for retailers to rent store space.
The street in the West End is more expensive than the Avenue de Elysees in Paris and shopping destinations in Milan, Zurich, Vienna and Munich.
Read more: London falls on list of best cities for living and working
New Bond Street is the third most expensive street globally, behind Hong Kong’s Causeway Bay and Upper Fifth Avenue in New York City.
Luxury retailers such as Jimmy Choo, Longchamp and Mulberry have stores on the street, where rents reach $1,714 per sq ft per year.
Covent Garden was the second most expensive street in the capital in the second quarter of the year, at £950 per sq ft per year, according to Cushman & Wakefield
Sloane Street, Oxford Street and Brompton Road made up the reset of the top five for the most costly streets for retailers in London.
Peter Mace, head of Cushman & Wakefield’s central London team, said: ““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.”
Read more: London’s most crowded tube lines revealed
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.”
London took the top seven slots for the priciest shopping destinations in the UK, Followed by Glasgow, Manchester, Leeds, Newcastle and Edinburgh.
Main image credit: Getty