This London shopping street is now officially the most expensive retail destination in the world

"This year, the planet's 'most expensive most expensive retail destination' was New Bond Street. In 2024 the luxe stretch came third in the report, but a whopping 22 percent increase in rental costs over the past 12 months have now shot it up to top spot. Today, it costs a whopping £1,706 per square foot, per year, to rent a space on the road."

"The report said that London in general has benefited from a strong 'resurgence' in the global retail market. Rent costs for retailers across the city have gone up which indicates higher demand, with Oxford Street and Regent Street also seeing costs go up by more than 10 percent. This is great if you're a property investor, but less great if you're a consumer or business having to foot the bill."

Cushman & Wakefield produced its 35th Main Streets Across the World ranking based on average retail rent per unit. New Bond Street climbed from third to first after a 22 percent rise in rental costs, reaching £1,706 per square foot per year. The street hosts high-end designers including Louis Vuitton, Cartier, and Balenciaga. London experienced a strong retail resurgence, with citywide rents increasing and Oxford Street and Regent Street each rising by more than 10 percent. Global average rents across surveyed streets grew 4.2 percent. Milan's Via Montenapoleone, last year's leader, was displaced from the top spot.

Read at Time Out London