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