- Internationally, the Upper 5th Avenue in New York remains at number 1, followed by Causeway Bay in Hong Kong
- The Avenue des Champs Élysées in Paris places 3rd in the global ranking and leads the European ranking ahead of New Bond Street in London and Via Montenapoleone in Milan
- Munich’s Kaufinger Straße/Neuhauser Straße is in 9th place in the European ranking with a price of 367 euros per square metre, making it the most expensive retail location in Germany
Cushman & Wakefield has released the 28th edition of its Main Streets Across the World report, which surveys 462 top global shopping streets and ranks them according to their annual prime rent prices. Overall, the report shows that the rent has gone up for 36 percent of all examined streets.
Paris leads European ranking
With a monthly rent of 1,105 euros per square metre, the Avenue de Champs Élysées leads the European ranking of the most expensive shopping streets, and the Parisian shopping street takes 3rd place in the worldwide ranking. 2nd and 3rd place in Europe go to New Bond Street in London at 1,036 Euros per square metre and Via Montenapoleone in Milan at 1,000 euros per square metre. Seven German shopping streets also made the European Top 20. Kaufinger/Neuhauser Straße in Munich leads the German locations, closely followed by the Zeil in Frankfurt in 11th place (315 euros per square metre), Spitaler Straße in Hamburg in 12th place (310 euros per square metre) and Tauentzienstraße in Berlin in 14th place (305 euros per square metre).
Germany – rents remain stable, luxury locations expanded
Germany’s most expensive shopping street, Kaufinger/Neuhauser Straße in Munich, takes 11th place in the worldwide ranking, only just missing the global Top 10. Germany is an important retail location in Europe and an important expansion target for international retail brands. The rent prices have mostly remained stable in the past twelve months up until June 2016. The increasingly important e-commerce sector and the continued market entry of international concepts are raising the pressure on established retailers. Businesses are reconsidering their expansion plans, and some large retailers who are have been active on the German market for a long time such as SinnLeffers, Gerry Weber or Tom Tailor are in the process of negotiating rent cuts or closing individual stores. In the luxury segment, the supply of free retail spaces is limited, and so there is a potential for higher rents in some locations. At the same time, developers and investors are taking the opportunity to gradually expand luxury locations where available and where it makes sense based on demand for space.
Upper 5th Avenue in New York still the most expensive shopping street worldwide
At more than 2,400 euros per square metre, 5th Avenue in New York leads the worldwide ranking of the most expensive shopping streets, closely followed by Causeway Bay in Hong Kong at 2,324 euros per square metre. 3rd and 4th place go to the Avenue des Champs Élysées in Paris and New Bond Street in London.