Renewed demand for prime retail space in the UK has seen New Bond Street in London win back its position as the world’s third most expensive shopping street. The shopping district, home to some of the world’s most prestigious retailers such as Cartier, the watch brand, and Hermès, the bag maker, saw rents increase by 13 per cent year-on-year to $1,762 (£1,393) per square foot in the past 12 months. That is according to a report by Cushman & Wakefield, the property services group, which ranked the most expensive shopping streets in the world by rent.
Cushman & Wakefield said the return of bricks-and-mortar shopping since the pandemic had renewed competition for prime retail space among retailers, pushing rents up. Joseph Cheaney, the British footwear manufacturer, the French luxury brand Jacquemus, and Diptyque, the fragrance label, have all opened shops on the expensive London street..