New Bond Street overtakes Champs Élysées to become Europe's most expensive shopping street

 
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Christmas Shoppers in Central London
Bond Street costs more than the Champs Élysées for retailers (Source: Getty)

London's New Bond Street has overtaken the Champs Élysées to become the most expensive place in Europe for retailers to have a store.

With a price of $1,720 (£1,305) per square foot per year, New Bond Street is the third most expensive shopping hotspot in the world, after Upper 5th Avenue in New York and Causeway Bay in Hong Kong.

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The price on the London street has increased by 37.5 per cent, according to Cushman & Wakefield which compiled the list of top locations. Despite a pause in London activity following the EU referendum there was a resurgence in leasing deals at the start of 2017.

Paris's legendary Avenue des Champs Élysées slipped two places as it was also overtaken by the Via Montenapoleone.

Streets in Zurich and Vienna were also in the top 10. Cushman & Wakefield's property experts said this was evidence of a recovery in European retail.

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Justin Taylor, head of retail in Europe the Middle East and Africa for Cushman & Wakefield, said: "Prime locations have the edge in attracting the most innovative and premium brands, and rising rents in some areas have been helped by strong tourist numbers.

"This includes the UK where the lower sterling has increased visitor numbers significantly and London’s premium retail offer continues to thrive despite the noise around Brexit. Meanwhile, growth in Milan, Turin and Florence underlines Italy’s pulling power as a retail destination.”

Read more: London is losing out in Europe's luxury property price boom

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