THE FACT THAT? London’s New Bond Street has become the world’s highest-rent retail location, overtaking Via Monte Napoleone and Upper Fifth Avenue as luxury brands compete for scarce retail space.
THE DETAILS Cushman & Wakefield reports that rents on the main stretch between Clifford Street and Burlington Gardens rose 22% to $2,231 per square foot, boosted by brands like Prada and Richemont closing long-term leases or purchasing units. Demand continues to far exceed availability, making the 50-meter luxury racer one of the most competitive globally.
The rise in rents on Bond Street has spread to nearby shopping areas, with Oxford Street and Regent Street rising more than 10%. At the same time, some brands have exited due to the removal of duty-free shopping in the UK. Internationally, rents in Tokyo’s Ginza rose 10%, while Hong Kong’s Tsim Sha Tsui fell 6%.
THE WHY? The increase underscores luxury brands’ continued investment in premium physical retail, especially in luxury categories that remain resilient despite broader market weakness.
Fountain: FOOT
