Ten most expensive shopping streets
When it comes to the ten most expensive streets, pavements and side-walks in the world, there is a clear ranking: New York is undisputedly at the top, with Hong Kong follows at a small distance behind that. The European capitals London, Milan and Paris are in fact further back than you might first think, whilst Vienna claims 10th place only by a very narrow margin over Beijing according to estimates by various real estate and retail specialists. Here’s our ranking at eLocations:
1.-Upper 5th Avenue, New York
The most expensive street in New York starts on 5th Avenue on 49th Street, right where the legendary Saks department store is located. If you walk along the Avenue towards Central Park you will pass the who’s who of the retail world: Cartier, Victoria’s Secret, Zegna, Ferragamo, Rolex, Stuart Weizmann, Tiffany and finally Apple (when it re-opens). The tech giant from California once caused a sensation when it built its ultimate flagship store underground, with only a futuristic transparent glass cube as an entrance. You pay a small fortune at the best shopping location in NYC if you only want to open even a small footprint store. On average it is more than 28000 Euros per square meter a year or 3000 USD per square foot.
2. Causeway Bay, Hong Kong
The second most expensive retail shopping street in the world is Causeway Bay, Hong Kong. Rental prices for a store on the main street reach up to 2,700 USD per square foot a year — that’s more than 25000 Euro per square meter. The retail rents growth in Hong Kong did slow over the twelve months from July 2016 to July 2017, but remain strong. For the most core retail markets, the retail rents are expected to stabilize over the next twelve months.
3. New Bond Street, London
The third most expensive shopping street in the world is New Bond Street in Mayfair, London. The average rent on the luxury shopping street is more than 1,700 USD per square foot per year or more than 16000 Euro per square meter. New Bond Street has taken over Avenue des Champs Élysées as the number one expensive shopping street in Europe, as retail rental prices went up 37.5 percent when compared to 2016.
4. Via Montenapoleone, Milan
Via Montenapoleone in Milan is on the list as the fourth most expensive shopping street in the world. To the south-east, it adjoins the architecturally attractive Via Sant’Andrea, with which, together with the boutique alley Via Della Spiga, it forms the fashion district of Milan, which is called “Quadrilatero della moda” there. It has taken over Avenue des Champs Élysées Average as well. Rental costs are around 1400 USD per square foot per year or more than 13500 Euro per square meter. High street rents have been relatively stable over the last year in Italy.
5. The Champs Élysées in Paris is the fifth most expensive shopping street in the world. Average rental prices go up to 1,400 USD per square foot a year or more than 13000 Euro per square meter. This street used to be once the most expensive street in Europe. France has five of the most expensive shopping streets in Europe — unsurprisingly these are all located in Paris.
6. Ginza, Tokyo
Ginza in Tokyo is number six on the list of shopping streets with the highest rental prices. Average rental prices in this Tokyo area go up to 1,200 USD per square foot a year or roughly 12,000 Euro per square meter. «Ginza Six», a new retail development which opened in spring 2017, features 241 shops and attracts 1.5 million visitors in its first 18 days. However, rental prices in this area have reached a peak and unlikely to grow much over the coming years. The name should symbolize the desire to provide an exceptional “six-star” shopping experience
7. Pitt Street Mall, Sydney
Pitt Street Mall in Sydney is number seven on the global ranking of most expensive retail streets in the world. The average rental price at this location is 1,000 USD per square foot per year or roughly 9,400 Euro per square meter. The newest trend is for Australian retailers to move to suburban shopping mall locations. Because of this, there is more free space for international companies to move into Central Business District, who are able to afford the higher rents at these districts.
8. Myeongdong, Seoul
Myeongdong in Seoul is the eighth most expensive retail street in the world. The rental growth in South Korea has slowed down over the last year due to a decrease in the number of Chinese visitors. However, Myeongdong remains the most expensive retail location on the Korean island, with a rental price of 914 USD per square foot per year or roughly 8500 Euro per square meter.
9. Bahnhofstrasse, Zürich
In ninth place in the ranking is Bahnhofstrasse in Zurich, commanding an average rental price of 883 USD per square foot a year or more than 8,000 Euro per square meter. Parts of the Swiss market have suffered from the appreciation of the Swiss Franc against the Euro. Still, premium retailers are willing to pay high prices for a prime location on Bahnhofstrasse.
10. Kohlmarkt, Vienna
Number ten on the annual ranking is Kohlmarkt in Austria, where retailers pay an average rental price of 4600 Euro per square meter a year or 490 USD per square foot a year. Many international retailers prefer stores in Vienna because of the high tourist appeal.
All these prices are educated estimations based on market data. eLocations wants to improve the intelligence for decision makers in the retail business. With its recent new investment, eLocations aims to continuously improve and verify its assessments and forecasts of rents and sales prices at these locations by including new data such as credit card transactions, mobile phone connections, land register data. You can trust us to spot the best retail moves, worldwide.
