New Bond Street crowned most expensive retail destination in the world
London’s New Bond Street has been crowned the world’s most expensive retail destination for the first time as investor confidence returns to high-end retail.
Rents on New Bond Street have risen 22 per cent in the past year, helping it to leapfrog over Milan’s Via Montenapoleone and New York’s iconic Upper Fifth Avenue.
Duncan Gillard, head of central London Retail at Cushman & Wakefield, said New Bond Street’s rise has been driven by “strong demand, limited supply, and continued investment in the public realm”.
“The prime jewellery section between Clifford Street and Burlington Gardens in particular has become one of the most fiercely contested locations in global retail,” he added.
A CBRE investment report found that investment confidence is returning to London – and to retail – as interest rates fall and red tape starts to lift.
London ‘gets its swagger back’
“It does feel like London’s back,” Richard Smart, managing director of London markets at CBRE, told Morning Wire earlier this week. “It feels like it has got its swagger back.”
“We’ve definitely seen investor appetite coming back this year… principally been driven by interest coming back into what used to be to the more dominant sector, retail and offices,” he added.
Europe as a whole has been the standout global performer this year, according to Cushman & Wakefield, with rents on Budapest’s Fashion Street rising 33 per cent and Milan and Paris maintaining their global status.
Three of the world’s top 10 most expensive streets were in Europe this year, with New Bond Street top, Paris’ Champs Élysées in fifth and Zurich’s Pitt Street Mall in seventh.
“The enduring appeal of the world’s premier main streets lies in their unique blend of heritage, visibility and cultural cachet,” Robert Travers, head of EMEA Retail at Cushman & Wakefield, said.
“These iconic corridors are more than just retail destinations; they are global stages for brand storytelling, architectural expression and consumer engagement,” Travers said.