London has solidified its status as a global luxury hub after its prestigious New Bond Street was officially named the most expensive retail destination on Earth.
From Third to First: A Meteoric Rise
According to the latest 'Main Streets Across the World' report from real estate giant Cushman & Wakefield, the West End's New Bond Street has leapt from third place in 2024 to claim the number one position this year. This marks the 35th year the influential report has been published, tracking the vitality of high-end retail by analysing average rental costs per unit on premier shopping streets globally.
The ascent to the top was driven by a staggering 22 percent increase in rental costs over the past 12 months. The price of securing a retail space on this coveted strip now stands at a monumental £1,706 per square foot, per year.
A Global Resurgence for London Retail
The report highlights a strong resurgence in London's retail market, with the capital significantly outperforming the global average. While rents across all streets surveyed by Cushman & Wakefield grew by 4.2 percent, London's key destinations saw growth that well exceeds expectations.
This boom isn't confined to New Bond Street. Other iconic London shopping destinations have also experienced substantial growth. Both Oxford Street and Regent Street witnessed their rental costs increase by more than 10 percent, indicating robust demand from luxury brands eager to establish a presence in the heart of the capital.
The International Picture
New Bond Street's dramatic rise unseated last year's leader, Milan's Via Montenapoleone, which was knocked down to second place. The Italian luxury avenue's rental costs remained static at £1,666 per square foot per year, failing to keep pace with London's explosive growth.
For property investors, these figures signal a thriving market and strong confidence in London's luxury sector. For consumers and businesses, however, it underscores the premium price associated with the city's most exclusive addresses.
