Retailers on luxury shopping street see rents soar to £600 per sq ft.
Landlords for the world’s most prestigious shopping streets have enjoyed another windfall year from retail tenants as rent prices continue to increase while new developments are put on hold.
An annual survey by Colliers International, which compares average retail rents in many of the world’s most famous shopping destinations, found New York’s Fifth Avenue maintaining its number one position in the world with a 15.5 percent increase in rents to £1,494 per square foot.
Rents on Bond Street in London, UK home to high end jewellers’ flagship stores including De Beers, Graff and Tiffany & Co – soared 16.5 percent to £600 per square foot. However, it slipped in the world rankings from fifth to seventh as Asian destinations moved up the list.
The Champs Elysees in Paris, which is home to luxury brands including Cartier, Louis Vuitton and Dior, slipped down one place to third, behind Russell Street in Hong Kong, which moved up one place in this year’s list with the second most expensive rents in the world.