London’s New Bond Street is Europe’s most expensive retail location

| September 21, 2010 | 0 Comments
London’s New Bond Street is Europe’s most expensive retail location

A report by property firm Cushman & Wakefield has revealed New Bond Street in London is Europe’s most expensive retail location with rates soaring by 19.4% on year.

Store rents grew to £536 per square foot per year, higher than those on Paris’ Avenue des Champs-Elysees.

New Bond Street is home to exclusive brands such as Armani and it has claimed the European top spot due to an influx of foreign visitors as the sterling falls against major currencies including the dollar and the euro.

Last month, retail sales in Oxford Street, Bond Street and Regent Street grew 9.3% compared with a year ago - according to market researcher Springboard.

Cushman & Wakefield’s head of central London retail, Peter Mace, said: “New Bond Street remains one of the most sought after locations in the world for luxury brands.

“This trend is likely to continue for the foreseeable future on the basis that there are still a large number of retail requirements that remain unsatisfied,” he added.

On a global basis, New York’s Fifth Avenue is the most expensive retail location, followed by Causeway Bay in Hong Kong and Tokyo’s Ginza district.

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