The retail sector is one of the most dynamic and vibrant sectors of the global economy. Keeping in mind the lifestyle changes and the growing need for convenient and innovative retailing, stores and communities across the world are continually revamping their commercial streets. The alternative of virtual retail and growth of interactive online stores in general are posing a threat to physical stores. An informative study by Cushman & Wakefield, one of the world’s most renowned real estate firm however, shows us a more realistic picture on the retail trends from across the world.
The firm recently published its annual ‘Main Streets Across The World’ report that enables industry connoisseurs to track 451 of the top retail streets around world. It also ranks each of these locations per their rental value (from highest to lowest) for 68 countries in total. Below is a snapshot of the 10 most expensive streets of 2017 as per Cushman & Wakefield’s proprietary data:
No.1: Fifth Avenue, New York – $3,000
No.2: Causeway Bay, Hong Kong – $2,725
No.3: New Bond Street, London – $1,719
No.4: Via Montenapoleone, Milan – $1,433
No.5: Avenue des Champs Elysees, Paris – $ 1,407
No.6: Ginza, Tokyo, – $ 1,200
No.7: Pitt Street Mall, Sydney – $ 1,000
No.8: Myeongdong, Seoul – $ 914
No.9: Bahnhofstrasse, Zürich – $ 883
No.10: Kohlmarkt, Vienna – $ 490
The report is based on per capita per year calculations and gives one a deep insight into the top grossing retail streets around the world. As seen in the report, New York’s Upper Fifth Avenue and Hong Kong’s Causeway Bay have continued to enjoy the top spots from last year. Growth opportunities have also pushed New Bond Street to the third position in the table. The study also reveals that despite the perceived threats of the virtual economy, retails rentals have held up well and have recorded a 0.5 % growth over the year to June. The detailed Cushman & Wakefield’s publication on the Most expensive retail streets of 2017 can be read here.