Hong Kong’s Tsim Sha Tsui remained the world’s fourth most expensive retail strip with rents at US$1,515 per square foot per year, as two other core shopping districts in the city – Causeway Bay and Central – also ranked among the Asia-Pacific’s priciest shopping locations, according to Cushman & Wakefield.
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London’s New Bond Street jumped two spots from last year to emerge as the world’s most expensive retail district, according to the real-estate services consultancy’s 35th “Main Streets Across the World” report. New Bond Street commanded rents of US$2,231 per square foot per year, a 22 per cent increase compared with last year.
Via Montenapoleone in Milan, which topped the table last year, slipped to second place with rents of US$2,179 per square foot per year, while Upper Fifth Avenue in New York also fell one place to third with rents of US$2,000 per square foot per year.
Tsim Sha Tsui, a haven for tourists that is also known as TST, last topped the global ranking in 2021, when it edged out Causeway Bay, widely considered the trendiest shopping district on Hong Kong Island.
The study was based on Cushman’s proprietary data and focused on headline rents in 141 best-in-class urban locations across the world which, in many cases, were linked to the luxury sector, the consultancy said.
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