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| Shops on Fifth Avenue pay the highest retail
rent in the world (Agencies) |
New York's glamorous Fifth Avenue remains the world's most expensive
shopping street, a report has found.
The average rent on Fifth Avenue in Manhattan is ￡5,680 ($10,226) per
square metre per year, according to Main Streets Across the World 2004.
Paris' Champs Elysees (￡4,248) is the most expensive European street,
followed by four London locations.
These are Oxford Street (￡3,090), Bond Street (￡3,036), Covent Garden
(￡2,848) and Brompton Road, home to Harrods.
Outside of London, Newcastle's Northumberland Street is the next most
expensive shopping road in the UK, with an annual rent of ￡1,742 per
square metre.
This is followed by Birmingham's High Street, Leeds' Commercial Street,
Manchester's Market Square, Edinburgh's Princes Street and Glasgow's
Buchanan Street.
Retailers on Dublin's Grafton Street (￡2,279) pay more rent than
anywhere in Germany, Australia or Japan.
But it is Fifth Avenue - or rather, a stretch of it - that continues to
rule the roost.
"This very specific stretch of Fifth Avenue only has around 55 stores
in total," said Gene Spiegelman, a senior director at the company behind
the report - US real estate giant Cushman & Wakefield Healey &
Baker (C&W H&W).
"The demand for retail positions here is huge as leading brands covet
this location, eager to be associated with the glamour of the Fifth Avenue
name."
In Europe, rents on London's Bond Street experienced the biggest rise, rising
from number six in the European rankings to number three, the report said.
The Main Streets Across the World 2004 study tracks retail rents in the
world's top 229 shopping locations across 45 countries around the world.
(Agencies) | 
Updated: 2004-10-27 10:08