New Bond Street named the third-most expensive shopping street in the world
West End thoroughfare New Bond Street has been named as the world’s third-most expensive shopping street today in a new global survey.
Rent on New Bond Street came in at $1,744 (£1,344) per sq ft per year, behind the main street of Hong Kong’s Causeway Bay on $2,671 per sq ft and Upper 5th Avenue in New York on $2,250 per sq ft.
New Bond Street is the most expensive shopping destination in Europe, ahead of the Champs Elysees in Paris on $1,519 per sq ft and Via Montenapoleone in Milan on $1,466 per sq ft.
Bond Street, which links Oxford Street and Piccadilly, has long been one of the most expensive and fashionable streets in London. The northern part of the street, New Bond Street, is home to retailers such as design chain Ralph Lauren, jeweller Van Cleef & Arpels, watchmaker Breguet and shoemaker Jimmy Choo.
Report author Darren Yates, head of Europe, Middle East and Africa retail research at real estate services company Cushman & Wakefield, said: “There is still a significant appetite for premium retail sites globally, with the top retailers using stores as part of their customer experience strategy.
“While global trends are not completely uniform, there are some common themes. The most notable include the continued growth of online, omni-channel retailing as standard and significant investment in store design.
“While technology is still a major disruptor in retailing, it is also enabling physical retail to fight back as it allows retailers to better understand their customers and to enhance the in-store experience.”