Fifth Avenue in New York City has done it again! It has claimed its rightful place as the world's most luxurious shopping destination, beating out other revered shopping areas like London's Bond Street and Hong Kong's Tsim Sha Tsui district. According to the latest report from Cushman & Wakefield, the average annual rent for Fifth Avenue has reached an astounding $2,000 per sq ft! It's no wonder that shoppers and tourists alike flock to this prestigious shopping strip.
Interestingly, Hong Kong's dollar peg to the US dollar has helped to maintain its high ranking. But despite this, Tsim Sha Tsui has fallen to second place with an average rent of $1,436 per sq ft per year, knocking Causeway Bay off the rankings. Meanwhile, Milan's Via Montenapoleone has climbed to third place, making it Europe's most expensive shopping street. It has even upstaged New Bond Street in London and Avenue des Champs Elysees in Paris.
Despite the decline in rents of 13% at the height of the pandemic, rental growth has varied tremendously across the globe. The Asia Pacific region was the hardest hit, with an average rental decline of 17%. On the other hand, the Americas' rental decline was just 7%. This was partly due to supportive fiscal policies and domestic migration patterns that boosted buying power.
Cushman & Wakefield's Main Streets Across the World report has been tracking top retail streets across 92 cities globally since 1988. It determines the most expensive based on the prime rental value. The report provides a fascinating insight into the changing face of the global retail landscape. And it confirms that Fifth Avenue in New York City is still the unrivaled champion of luxury shopping.
