The world’s most expensive retail strips
Want a shop on one of the world’s retail glitter strips? Better get out your wallet.
Global real estate services firm Cushman and Wakefield recently revealed the most expensive streets for retail leasing around the world.
And one Australian strip is right up there.
Upper 5th Ave, New York
Price/sqm per year: $41,830
On the south-east corner of Central Park and just a stone’s throw from most of New York’s main attractions, including Times Square and the Rockefeller Centre, the section of Upper 5th Ave between 49th and 60th streets is as expensive as it gets anywhere in the world.
Causeway Bay, Hong Kong
It’s technically more of a precinct than a strip, but Causeway Bay in Hong Kong is still right up there when it comes to retail rents. With destination shopping centres including the 12-storey SOGO Causeway Bay and nearby Fashion Walk, it’s not hard to see why retailers are prepared to pay big dollars to be a part of it.
Avenue des Champs Elysees, Paris
A veritable bargain compared to the world’s two most expensive retail hotspots, Avenue des Champs Elysees still isn’t cheap for retailers, but that hasn’t stopped global megabrands Marks and Spencer, Abercrombie and Fitch and Banana Republic all setting up shop there in recent years.
New Bond St, London
Situated in London’s West End, all the heavy hitters occupy a slice of London’s priciest retail strip New Bond St, including French watchmaker and jeweller Cartier, Chanel, Dior, Ralph Lauren and Hermes.
Billed as more of a shopping and entertainment district than a standalone strip, retail rents in Tokyo’s Ginza are nonetheless sky high. Filled with shopping centres and department stores, as well as almost every major foreign brand, it’s a retail colossus that retailers are prepared to pay top dollar to be a part of.
Via Montenapoleone, Milan
The holy grail of Italian retail in a city synonymous with high-end fashion, Via Montenapoleone is the most renowned street in Milan’s famed Quadrilatero Della Moda fashion district, and commands premium prices accordingly.
Pitt Street Mall, Sydney
Our own retail glamour strip more than holds its own on the global stage, with rents that continue to soar off the back of significant demand. With Westfield Sydney, the MidCity Centre and The Strand Arcade all within close proximity, and global brands flocking to it, Pitt Street Mall remains one of Sydney’s major tourist attractions.