Opening a store on one of the world’s most renowned shopping streets comes with an enormous rent burden every year.

That burden is getting worse in many places, with rents increasing on 35 percent of the top 500 shopping streets worldwide during the past year.

There are 462 top shopping streets in the world and ranked the most expensive locations in each country by their prime rental value.

New York’s Upper 5th avenue has the highest average rents of any shopping street worldwide, between 49th and 59th streets, with a square foot of retail space coming to a whopping $3,500 every year.

Shops along New York’s upper 6th avenue are paying the world’s highest rents.

Cartier, Abercrombie & Fitch and Apple have flagship stores dotting the 5th avenue stretch between 49th to 60th Street, and are footing rental costs of $3,000 per square feet annually.

Bottega Veneta, Emilio Pucci, Versace, Salvatore Ferragamo, Ermenegildo Zegna, Gucci, Prada, Bulgari, Fendi, Sergio Rossi are some of Italian brands that have stores in this street.

After New York, the second most expensive shopping location in the world is Hong Kong despite a drop in rents in the past 12 months. Causeway Bay is a heavily built-up area of Hong Kong.

In this street the rent of stores cost $2,878 per square foot in rents annually.

SOGO is the biggest and the most popular Japanese department store in Hong Kong that was opened in 1985. Its 12 stories (including two basement floors) include everything from high fashion to cosmetics to electronics to toys for kids.

Island Beverly center is a shopping mall located next to SOGO, it’s a four-floor treasure hunting adventure.

The mall has around 100 boutiques that sell local, Korean and Japanese fashion.

Paris’ Avenue des Champs Elysees are the third most expensive location globally and the costliest retail space in EMEA region, with an average annual rent of $1,368 per square foot.

The demand for retail space on the famous French boulevard has remained resilient, as seen from the presence of new retailers like Skagen and fast-food chain Five Guys.
Banana Republic, Levi’s, Hugo Boss, Abercrombie & Fitch and even Marks & Spencer’s are some of brands that opened their flagship store in Champs Elysees.

New Bond Street in London had the fourth highest rents globally at $1,321/square foot, as footfall figures remained healthy and retailers were willing to pay a premium to secure the sites.

Cartier, Valentine, Gucci, Bulgari, Fendi, Corneliani and Zegna as an Italian brands are working there.

Milan in Italy had the fifth most expensive shopping location in the world and after Paris is a second city in Europe. In Milan a square foot of retail space coming to a whopping $1,035 every year.

Even though the capital of Italy is Rome, Milan is the center of fashion and design. One of the city’s noblest areas is the “fashion quadrilateral” comprising four streets: Via Monte Napoleone, Via Manzoni, Via della Spiga and Corso Venezia. The most luxurious firms—both Italian and foreign—are based there: from Bottega Veneta, Alberta Ferretti and Prada to Chanel, Dior, Hermes, Burberry and Kenzo, among others.

In Milan, one always feels underdressed among the comings and goings of the stunning and elegant Milanese: not surprising, design is in the city´s DNA.

Tokyo and Seoul are much cheaper propositions for clients but the same amount of space in both cities still costs over $850.
There is a substantial gap to the last entry in the top 10, Vienna’s Kohlmarkt. Opening a shop there would set a business back $478 per square foot every year.

Fonte: a cura di Exportiamo, di Morvarid Mahmoodabadi, redazione@exportiamo.it

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