London's New Bond Street is now the world's third-most expensive shopping destination according to Cushman & Wakefield's 2024 report, with rents reaching $1,762 per square foot.
The average headline rents in prime shopping destinations have increased by almost 6% post-pandemic, with 57% of these streets witnessing positive rental growth year-over-year.
Milan's Via Montenapoleone remains the costliest, with rent at $2,047 per square foot, followed by New York's Fifth Avenue at $2,000 per square foot.
New Bond Street, previously ranked fourth, has moved ahead of Hong Kong's Tsim Sha Tsui, experiencing an 11% rent increase in the past year.
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