These high-streets are where luxury retailers meet discerning shoppers with a taste for opulence
New Delhi: High streets around the world serve as the epicenter of commerce, showcasing the finest luxury brands, upscale boutiques, and glamorous shopping experiences. However, some high streets take lavishness to a whole new level, commanding astronomical real estate prices and attracting discerning shoppers with a taste for luxury. In this article, IndiaRetailing lists the top five most expensive high streets in the world arranged in the order of their rentals, where luxury meets sophistication and indulgence knows no bounds.
1. Fifth Avenue, New York City, USA
Known as the epitome of luxury, Fifth Avenue in New York City claims the crown as one of the most expensive high streets globally, according to a Bloomberg report. Located in the heart of Manhattan, this iconic street stretches from 49th Street to 60th Street and is home to renowned luxury brands, upscale department stores, and legendary flagship stores. From Tiffany & Co. to Gucci, Cartier to Prada, Fifth Avenue boasts an unrivalled collection of designer boutiques that cater to the world’s most discerning shoppers. The prestige and allure of Fifth Avenue have earned it a reputation as a must-visit destination for luxury retail therapy.
In November 2022, average annual rents for a store on Upper Fifth Avenue hovered around $2,000 per square foot as per media reports.
2. Avenue des Champs-Élysées, Paris, France
Synonymous with Parisian elegance, Avenue des Champs-Élysées is an iconic grand boulevard that stretches from the Arc de Triomphe to the Place de la Concorde. The avenue is lined with upscale fashion houses, high-end retailers, and esteemed beauty brands. From Louis Vuitton to Dior, Chanel to Hermès, Avenue des Champs-Élysées offers a seamless blend of haute couture, fine dining, and cultural landmarks, making it a destination that epitomizes French luxury.
Avenue des Champs-Élysées, Paris, France is regarded as the most expensive in Europe and the sixth most expensive in the world according to a Main Streets Across the World report. As per Statisa, in June 2019 the annual rent for a retail space at Avenue des Champs-Elysees was around 1,478 U.S. dollars per square foot.
3. Bond Street, London, UK
Nestled in the heart of London’s affluent Mayfair district, Bond Street offers an array of upscale boutiques, prestigious art galleries, and renowned auction houses. From renowned British brands like Burberry and Mulberry to international fashion powerhouses like Gucci and Chanel, Bond Street showcases the finest in fashion, jewellery, and accessories.
The street’s timeless charm, tied with its association with British royalty and rich clientele, elevates its status as one of the world’s most expensive high streets. As per Cushman & Wakefield, the annual rent for a retail space at Bond Street in 2022 was around 1,361 U.S. dollars per square foot.
4. Causeway Bay, Hong Kong
Regarded as one of the world’s premier shopping destinations, Causeway Bay in Hong Kong boasts an impressive array of high-end shopping malls, designer boutiques, and flagship stores of renowned luxury brands. From iconic fashion labels like Louis Vuitton and Gucci to prestigious jewellery houses like Cartier and Van Cleef & Arpels, Causeway Bay offers a treasure trove of luxury experiences.
Its strategic location and proximity to luxury hotels and upscale residential areas make it a magnet for affluent shoppers and fashion enthusiasts. As per Cushman & Wakefield, in January 2023 the annual rent for a retail space at Causeway Bay, Hong Kong is around 1,292 U.S. dollars per square foot.
5. Ginza, Tokyo, Japan
Ginza, located in Tokyo’s Chuo ward, is a vibrant high street that is home to some of Japan’s most prestigious department stores, including Mitsukoshi and Wako, as well as flagship stores for global luxury brands like Chanel and Bulgari. Ginza’s streets are adorned with dazzling lights, offering a sensory feast for shoppers seeking the essence of Japanese style and elegance.
The district’s reputation for innovation, service, and attention to detail cements its position as one of the world’s most expensive high streets. As per Cushman & Wakefield, the annual rent for a retail space at Ginza, Tokyo in 2019 was around 766 – 1,226 U.S. dollars per square foot.
