It has been revealed that New Bond Street in London is now the fourth most expensive shopping destination on the planet, according to 2016’s Main Street Across the World report.

In first place was Upper 5th Avenue in New York closely followed by Hong Kong’s Causeway Bay, with Paris’ Avenue des Champs Elysees coming in ahead of New Bond Street.

A study has shown that 36% of most popular retail streets all over the world saw an increase in rent, with London’s New Bond Street increasing 14.3% to £1000 per sq ft.
London saw some of the strongest rise in rent across the EMEA region, where companies are paying a premium in order to secure unites with restricted availability. Covent Garden and Sloane Street beat New Bond Street with a 31.6% and 27.3% increase in rent respectively.

Justin Taylor, Cushmas & Wakefield’s head of retail EMEA, said: “Retailers are facing technological advances head on, with more and more brands opting to offer online sales alongside, not instead of, a physical presence.”

“They are also raising the customer experience bar with leading examples including Primark’s new store in Madrid and Apple’s refitted store on Regent Street in London.
“Demand is strong for the right space in the right location and the lack of supply along the majority of Europe’s main thoroughfares is seeing rents rise further and expanding the boundaries of well-established streets.

“This is exemplified by growth seen in some of London’s premier streets including Bond Street and Oxford Street.”