New Bond St second priciest shopping street in Europe as West End hopes for Christmas rebound
New Bond St has been dubbed as the second most expensive shopping street in Europe, missing out the top spot to Milan’s Via Montenapoleone.
The new rankings from real estate services firm Cushman & Wakefield show a robust landscape for retail real estate, despite a torrid few years due to Covid.
New Bond St boasts average rents of $1,361 for each square ft per year, in comparison to Europe’s priciest retail heartland in Milan, where rents come in at $1,380.
Across the pond, New York’s Fifth Avenue took the top spot for the priciest street in the world, with average rents of $2,000.
The news comes as London’s West End has face d criticsm in recent weeks, after a slew of US-style candy shops moved into the area amid the pandemic.
However, the area has lost one third of these stores following council raids after concerns of tax dodging.
Retail chiefs are optimistic about the first Christmas without Covid restrictions in years, with shoppers set to flock to the capital’s retail heartland to see the Christmas light displays.
E-commerce retailers such as Gymshark and Lounge have recently put down roots in the area while household name Ikea is set to take over the former Topshop store on Oxford St.
“While we now face new economic challenges, the conversation has shifted from pessimism to retail´s omnichannel evolution,” Robert Travers, head of EMEA retail at Cushman & Wakefield, said.
Many big-name brands were “playing the long game” by looking to lock down prime real estate opportunities, Travers explained.
With firms continuing to invest cash in high-quality physical retail experiences, there was reason to be confidence in the resilience of the sector.”