West London high street is named the most expensive shopping destination in the world

"The list of the most expensive shopping streets in the world has been released, and a renowned shopping destination in West London has secured the top spot. The report analyses the places where high-end retail is booming, calculated by the average rent on a commercial unit on any street. This year, the top spot was awarded to London's own New Bond Street, which saw an average annual rent of a staggering 1,706 per square foot."

"Just a year ago, New Bond Street only placed third, but after a whopping 22 per cent increase in rent, the London luxury haven has climbed the ranks to number one. New Bond Street in London topped the charts for the most expensive shopping street in the world New Bond Street is a favourite for luxury hawks, home to critically acclaimed high-end brands that few can afford, from designer clothing brands like Balenciaga and Louis Vuitton, to luxury jeweller Cartier."

"Despite warnings that London's retail market is suffering from the cost-of-living crisis, this new data shows that London has benefited from a recent resurgence in global retail demand. Rent costs are climbing for other retailers across the city too, with London shopping hotspots like Oxford Street and Regent Street seeing rent costs go up by more than 10 per cent."

New Bond Street in London recorded an average annual rent of 1,706 per square foot after a 22 per cent increase, rising from third to first place. New Bond Street hosts high-end brands including Balenciaga, Louis Vuitton and Cartier. Oxford Street and Regent Street saw rent increases exceeding 10 per cent. Average rent across streets listed increased by 4.2 per cent worldwide. Rising retail rents could boost property investor returns while increasing costs for consumers and businesses. London has experienced a resurgence in global retail demand, supporting higher rents despite cost-of-living pressures. Milan's Via Montenapoleone previously topped the ranking, and British capital growth remains competitive with other global cities.

Read at www.standard.co.uk