New Bond Street Overtakes Milan and New York as World’s Most Expensive Retail Street

THE WHAT? London’s New Bond Street has become the world’s highest-rent retail location, surpassing Via Monte Napoleone and Upper Fifth Avenue as luxury brands compete for scarce store space.

THE DETAILS Cushman & Wakefield reports that rents on the prime stretch between Clifford Street and Burlington Gardens rose 22% to US$2,231 per sq ft, driven by brands such as Prada and Richemont locking in long-term leases or purchasing units. Demand continues to far exceed availability, making the 50-metre luxury corridor one of the most competitive globally.

Rising Bond Street rents have spilled into nearby retail zones, with Oxford Street and Regent Street up more than 10%. At the same time, some brands have exited due to the UK’s removal of tax-free shopping. Internationally, Tokyo’s Ginza saw rents climb 10%, while Hong Kong’s Tsim Sha Tsui fell 6%.

THE WHY? The surge underscores luxury brands’ continued investment in prime physical retail, especially in hard luxury categories that remain resilient despite broader market softening.

Source: FT