New Bond Street loses crown of Europe’s most expensive shopping Street

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Eve Bond Street is no longer the most expensive place to rent shop space in Europe, with Milan’s premier street taking the crown.

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Home to countless luxury brands including Chanel and Dior and Louis Vuitton, it is renowned for hosting top-of-the-line retail clients.

But according to property experts Cushman & Wakefield, New Bond Street has been overtaken by Via Monte Napoleone, Milan.

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They say UK landlords have slashed rents to attract new reelers after Covid took its toll on business,

Rents have dropped 11% since the pandemic and 7% this year. Current rents on New Bond Street are £1,150 per sq ft per annum.

With rents at Vis Monte Napoleone in Milan rising 7% this year to £1,152 ($1,380) per square foot, it has just overtaken New Bond Street.

Peter Mace, Head of Central London Retail at Cushman & Wakefield, commented: “While these headline figures suggest New Bond Street has not reached pre-Covid levels, there is a more complex picture at depth. We are seeing a lot of relocation from luxury brands located within or across the street, many of whom are looking to move into the mid-segment to be closer to Gucci, which is moving there next year.

Rents on London’s luxury shopping street cost more than the Champs-Elysees in Paris, falling 4% this year to stand at £877 ($1,050) per square foot.

New York’s Fifth Avenue Tech is the world’s most expensive street, with an average rent of £1,665 ($2,000) per square foot.

Robert Travers, head of retail in Europe, Asia and the Middle East at Cushman & Wakefield, said: “The industry has been through one of the greatest stress tests imaginable over the past few years, but best-in-class retail real estate remains strong Is.


Source: www.standard.co.uk

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