Want to know where all the hautest Londoners get their designer-brand goods? It’s most likely at the fourth most expensive shopping street in the world; London’s Bond Street.
Thanks to local and global elite spenders churning out pounds for purses, New Bond Street has officially joined the ranks as one of the world’s top five most expensive shopping streets. This West End hotspot has money’s most prized brands from Armani to Mulberry and Burberry. It is no wonder shoppers are spending so much here.
According to Cushman & Wakefield’s latest Main Streets Across the World report, to rent a retail space on New Bond Street you’d now have to spend a staggering £862.92 per square foot. This price point falls just behind Paris’ Champs Elysees. Topping the list are New York’s upper 5th Avenue and Causeway Bay in Hong Kong.
“Demand has continued to outstrip supply, with an ever growing requirement from international brands from the US, Europe, Asia and the Middle East, with retailers such as Arc’teryx recently taking space in Piccadilly, Kikki-K in Covent Garden and New Balance on Oxford Street…
London’s healthy rental performance was supported by various factors: the character of London’s high street destinations, which offer a wide range of services for various types of clientele; generally high consumer expenditures; and strong competition for space among retailers,” Cushman & Wakefield said.
London’s retail economy has benefited immensely from a recent rise in tourism. This year the global capital was the world’s most visited city. 18.82 million people passed through London, which played to a heightened demand in retail space for global brands.
Within the UK Oxford Street and Covent Garden came second and third to the popular Bond Street. With a continuously rising tourism rate and an undeniable global shopping scene, we might even see two UK streets on the list next year.
Aside from all the haute shopping, here are all the spots around Bond Street you’d better check out as curated by BondStreet.Co.Uk.