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New Bond Street loses crown as the most expensive shopping street in Europe

Chloe Burney
23 November 2022

Property consultancy Cushman & Wakefield has reported that the cost of rent in New Bond Street, London has been superseded by Via Monte Napoleone, Milan.

Home to countless luxury brands, from Chanel and Dior to Louis Vuitton, the street is renowned for hosting top-of-the-line retail clients.

UK landlords have sliced rents to attract bringing in retails to the space. Rent has dropped by 11% since the COVID-19 pandemic and 7% this year, resulting in a cost of £1,150 per sq ft per year.

With Vis Monte Napoleone in Milan’s rent moving up by 7% this year to £1,152 ($1,380) per sq ft, it has just surpassed New Bond Street.

Peter Mace, Head of Central London Retail at Cushman & Wakefield, commented: “While these headline figures suggest New Bond Street has not recovered to pre-COVID levels, deeper down there is a more complex picture. We are seeing several relocations from within the street or from luxury brands who were based nearby, many of which are looking to move to the middle section, to be close to Gucci which is moving there next year."

London’s luxury shopping street’s rent prices remain higher than the Champs-Élysées in Paris, which, after falling 4% this year, stands at £877 ($1,050) per sq ft. In America, New York’s Fifth Avenue takes the top spot for the priciest street in the world, with average rents of £1,665 ($2,000) per sq ft.

Robert Travers, Cushman & Wakefield’s Head of Retail in Europe, Asia, and the Middle East, added: “The industry has been through one of the biggest stress tests imaginable over the past few years, but the best-in-class retail real estate has remained robust.”

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