London's New Bond Street world's most expensive retail street

For the first time, London's New Bond Street has been crowned the world's most expensive retail destination, according to Cushman & Wakefield's 35th 'Main Streets Across The World' report.

Main streets across the world - C&W

Rents on New Bond Street soared by 22% over the past year to €20,482 per m2 annually, surpassing last year's leaders, Milan’s Via Montenapoleone and New York’s Upper Fifth Avenue.
Europe now hosts half of the top ten most expensive retail locations globally, with London leading the regional rent surge. Beyond New Bond Street, Oxford Street and Regent Street also saw double-digit increases. 
Budapest’s Fashion Street was a standout performer in Europe with a 33% rise, becoming the city's top retail spot. Milan's Via Montenapoleone (€20,000/m2 per year) and Paris's Champs Elysées (€12,519/m2 per year) maintained their global status with stable rents. 
Globally, retail rents increased by an average of 4.2%, with 58% of tracked retail streets experiencing growth, indicating strong demand outpacing availability in prime urban luxury retail locations.
Duncan Gillard, head of Central London Retail at Cushman & Wakefield, stated: “New Bond Street’s rental growth has been fuelled by strong demand, limited supply, and continued investment in the public realm, all of which have reinforced its status as a global retail destination. The prime jewellery section between Clifford Street and Burlington Gardens, in particular, has become one of the most fiercely contested locations in global retail. This has seen many occupiers opting for long-term leases on strong rental terms to protect their position in this highly coveted location.”  
Robert Travers, head of EMEA Retail at Cushman & Wakefield, added: “The enduring appeal of the world’s premier main streets lies in their unique blend of heritage, visibility and cultural cachet. Securing space on these streets can be extremely challenging, demanding innovative approaches to unlock new opportunities.” 
Report author Dominic Brown, Cushman & Wakefield’s head of International Research, added: “Prime retail corridors are benefiting from a convergence of factors including resilient economic growth, easing cost of living pressures, and a renewed appetite for discretionary spending. While growth trajectories will vary by market, the strength of flagship locations is clear. We’ve seen exceptional double-digit rental growth in select cities, even as others face pressure. The continuing importance of physical retail reinforces the enduring appeal of the world’s premier shopping streets, and we expect this momentum to strengthen as global conditions improve.”  
Cushman & Wakefield’s report focuses on headline rents in 141 best-in-class urban locations across the world, which, in many cases, are linked to the luxury sector.