London’s New Bond Street has overtaken the Avenue des Champs-Elysées in Paris as the most expensive retail address in Europe as luxury fashion stores jostle to open new stores in the area.

Retail rents in New Bond Street jumped by 19.4% in the year to June, in contrast to Avenue des Champs-Elysées in Paris where rents fell by 9.5%, according to a report by property agent Cushman & Wakefield which tracked rents in the world’s top 269 shopping locations in 59 countries.

New York’s Fifth Avenue remains the world’s most costly retail address.

New Bond Street retail rents averaged $836 per sq ft, compared with $793 for the Avenue des Champs-Elysées and $1,850 for Fifth Avenue.

Cushman & Wakefield global head of retail John Stracha said: “In the more mature markets occupiers are expected to remain cautious and selective about the space they take. However, on the great shopping streets of the world, in cities such as London and New York, demand has continued to exceed supply and the appetite of international brands has resulted in rental uplift.”

New York’s Fifth Avenue, where rents increased by 8.8%, kept its number one spot as the world’s most expensive retail address for the ninth year running. Causeway Bay in Hong Kong remained at second place.

Emerging retail markets performed well thanks to strong tourism and demand from international retailers. Brazil’s Haddock Lobo street in Sao Paulo was the biggest riser globally, with rents increasing by 92%.

Around two-thirds (66%) of the 59 countries surveyed for the annual Main Streets Across the World report found prime rents either rising or remaining static.