New Bond Street has been ranked as Europe’s most expensive shopping street for retailers to have a store on.

10 most expensive streets

2017 ranking2016 ranking Location2017 rent, US$/per sq ft/yr
1 1 New York City, Upper 5th Avenue (49th-60th Street) 3,000
2 2 Hong Kong, Causeway Bay  2,725
3 4 London, New Bond Street 1,719
4 6 Milan, Via Montenapoleone 1,433
5 3 Paris, Avenue des Champs Élysées 1,407
6 5 Tokyo, Ginza 1,200
7 7 Sydney, Pitt Street Mall 1,000
8 8 Seoul, Myeongdong  914
9 9 Zurich, Bahnhofstrasse 883
10 10 Vienna, Kohlmarkt 490

The cost of renting a shop on London’s upmarket shopping street has spiked 37.5% year-on-year, making New Bond Street the third most expensive street in the world for retailers to rent on, according to property firm Cushman & Wakefield’s annual report Main Streets Across the World.

The street, which costs $1,719 (£1,307) per square foot per year to rent a store on, surpassed the Avenue des Champs Élysées in Paris and Milan’s Via Montenapoleone.

New York City’s Upper Fifth Avenue took the top spot again with eye-watering rental costs of $3,000 (£2,279) per square foot per year.

Cushman & Wakefield’s head of EMEA retail research and report author Darren Yates said: “Despite a lot of negative headlines, global retail remains as dynamic and vibrant as ever in response to technological and demographic change across the world.

“The most innovative retailers are combining their online and physical platforms to create a seamless omnichannel experience for the customer, but profile and location play such a crucial role in the premium retail experience.”

The company’s head of retail EMEA Justin Taylor added: “Prime locations have the edge in attracting the most innovative and premium brands, and rising rents in some areas have been helped by strong tourist numbers.

“This includes the UK, where the lower Sterling has increased visitor numbers significantly and London’s premium retail offer continues to thrive, despite the noise around Brexit.”