Paris’ Champs Elysées has taken third spot from London’s Oxford Street as the world’s third most expensive shopping street, with average rents of $4,951 per m2 a year.
The latest research by Healey & Baker (H&B) shows New York’s Madison Avenue topped the list for the second year running at $6,459 per m2 a year. Hong Kong’s Causeway Bay came in second while rents on Oxford Street dropped from $5,031 to $4,469 m2 a year, partly due to the strength of the US dollar.
The highest new entry in H&B’s Main Streets Across the World 1999/2000 was Seoul’s Apkujung at number five, with Sydney’s Pitt Street Mall coming in at sixth.
Prime movers in the overall table included Copenhagen’s Ostergade, which climbed from 23rd to 14th place with $1,664 per m2 a year. Amsterdam’s Kalverstraat also jumped nine places from 27th to 18th.
Apart from Oxford Street, other fallers included the Sul Centre in Rio de Janeiro, down from 15th to 20th. Prague’s Wenceslas Square fell from 17th to 23rd. Budapest’s Vaci Utca slumped from 26th to 33rd.
H&B senior partner John Travers said: “We are seeing a major shift in the shopping scene as an increasing number of retailers expand across national borders. This trend applies as much to mature economies as it does to emerging markets in Europe, Asia and Latin America”.
Bottom of the league in 45th spot was CBD in Claremont, South Africa.
