Every country has luxury shopping streets that are chosen by the biggest brands. Their presence guarantees them that they will attract a certain type of clientele since each famous avenue is a major place to visit during a holiday.
Standing for upmarket, finding yourself among the biggest labels of the world obviously represent a budget. Based on a study of the real-estate accountancy firm Cushman & Wakefield, discover the ranking of the most expensive luxury shopping streets in the world according to each country.
New York, Hong Kong and Paris: the best of luxury
Upper Fifth Avenue in New York finds itself at the top of the list, if you want the privilege to own a store on this street, you will have to pay an annual rent of €29822/m². In these conditions, brand shops which have chosen to settle down on this famous shopping route represent the luxury in the world. Cartier, Burberry, Chanel or even Prada are included, as well as the famous shop Saks founded and managed by Saks Fifth Avenue Enterprises (SFAE).
Causeway Bay in Hong Kong is set up between the Hong Kong Islands and the Wan Chai areas. To own a property on this luxury shopping street, the annual cost corresponds to €23307/m². Famous brands are found in big centres like Times Square, the World Trade Centre or Hysan Place. With concepts of different and varied shopping centres, many big groups are likely to be seduced.
Considered as the most beautiful street in the world, the Champs-Elysées in Paris is at the third place of this ranking. Setting a leading brand on this street demands an annual investment of €13255/m². The inhabitants of the Parisian capital and the thousands of tourists will be excited to find J.M. Weston, Louis Vuitton, Nespresso as well as the boutiques of many other fashion designers. Other swanky areas like the The Rue Faubourg St-Honoré also do well.
In France, the Côte d’Azur is one of the regions which houses the most prestigious shopping streets especially in Monaco, Cannes and Nice. Note that the Princess Grace Avenue in Monaco is also one of the most costly in the world.
Shopping streets: London, Sydney and Milan are in the race
The most well-known avenue in London, Bond Street, gathers varied and diverse shops: art, antiques, fashion, accessories, leather goods, luxury jewellery, beauty, interior decor and high-tech gadgets. To be able to set up at this prestigious address, you should be able to pay a rent of €10361/m².
Sydney enters as one of the most expensive cities with the Pitt Street Mall which gathers inspirational retailers like Topshop, stakeholder in current fashion. For a price of €8658/m², the biggest brands have gradually arrived. Gap, Zara, Uniqlo and Ted Baker have their place on the most luxurious shopping street in Australia.
Italy makes its entrance in the ranking. Indeed, pay €8500/m² to own a property on Via Montenapoleone, the most costly avenue in Milan. Candidates are likely to be interested in the opportunity to own premises alongside the most talented Italian designers like Armani, Balenciaga, Dolce & Gabbana and Fendi.
Tokyo, Seoul, Zuroch and Moscow lag behind
Part of uptown Tokyo, Ginza has become the reference address for prestigious boutiques since the price per square metre has reached €8120. Japan shows that it is able to compete against the other big countries, notably thanks to the Sony Building and the Apple Store, the star retailers in this luxurious shopping street.
Belonging to the Jung-district of Seoul in South Korea, Street is one of the most luxurious in the world due to its rent of around € 7,942 / m². Myeongdong Despite this price, this location has the special feature of attracting big Asian names as much as it does international groups.
In the heart of Switzerland, Bahnhofstrasse in Zurich is considered one of the most prestigious streets of Europe since it is home to many jewelers. For € 7,456/m², a location is available for luxury brands such as Giorgio Armani, Bally, Rolex or the famous Franz Carl Weber.
Ranking at the bottom with € 4,749 / m², Stoleshnikov Lane in Moscow, Russia is an often frequented shopping temple where Chaumet sits alongside Hermes and Louis Vuitton.