Fifth Avenue in New York is considered to be one of the best places to shop, and was voted the most expensive street in the world in 2008. Fast forward to 2012 and the world is a very different place – Hong Kong now has taken the top spot.
While Fifth Avenue still remains one of the most glamorous and popular shopping districts globally, Hong Kong’s Causeway has become the number one place to be for luxury brands.
A new survey by the commercial real estate brokers Cushman & Wakefield has revealed that so important and lucrative is a spot on the Causeway that big names are willing to pay rent that is very highly priced.
Over the last year, average annual retail rents have risen by a substantial 35 per cent to HKD$2,630 (approximately £1,656) per square foot. Though expensive, the likes of Burberry and Louis Vuitton realise that setting up branches here will pay off in no time at all.
“There has been the usual jostling for the top positions between Hong Kong and New York but the real message here is the unfaltering advance of the top global cities, fuelled by a shortage of supply and the interest of international brands,” commented John Strachan, head of global retail at Cushman & Wakefield.
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