The Most Expensive Shopping Streets In The World

causeway bay hong kong

[credit provider=”Wikimedia Commons” url=”http://en.wikipedia.org/wiki/File:HongKongCitizens.jpg”]

Hong Kong has overtaken New York City as the most expensive shopping area in the world, according to Cushman & Wakefield.Retailers located in the booming luxury area of Causeway Bay paid an average of $2,630 per square foot for the 12-month period between June 2011 and June 2012, a stunning increase of 34.5 per cent over the previous year.

Other shopping areas in Hong Kong are also booming thanks to an estimated 30 per cent sales growth. Tourists and mainland residents are helping drive demand for luxury handbags, watches and jewelry. 

New York City, Paris and Tokyo also saw growth. London’s Bond Street slipped off this year’s list on weak national demand. 

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[slide
permalink=”10-the-average-annual-rent-on-tokyos-omotesando-was-972square-foot-1″
title=”#10 The average annual rent on Tokyo’s Omotesando was $972/square foot”
content=”Japan became an even more desirable retail destination after luxury brands such as Prada sought to expand in the area. Prime streets will ‘continue to see growth in occupier demand.’

Source: Cushman & Wakefield
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[slide
permalink=”9-the-average-annual-rent-on-tokyos-ginza-was-1057square-foot-2″
title=”#9 The average annual rent on Tokyo’s Ginza was $1,057/square foot”
content=”Brands like American Eagle and Old Navy entered Japan this year, drawing in crowds of shoppers and raising rents in the area.

Source: Cushman & Wakefield
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[slide
permalink=”8-the-average-annual-rent-on-new-york-citys-madison-avenue-is-1100square-foot-3″
title=”#8 The average annual rent on New York City’s Madison Avenue is $1,100/square foot.”
content=”Leasing activity has picked up in the ‘prime’ segment of luxury retailers. That’s good news for Madison Avenue, which houses premier shops like Rebecca Taylor, Rag & Bone and Theory.

Source: Cushman & Wakefield
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[slide
permalink=”7-the-average-annual-rent-on-new-york-citys-east-57th-street-was-1100square-foot-4″
title=”#7 The average annual rent on New York City’s East 57th Street was $1,100/square foot”
content=”New York and San Francisco are some of the first cities to benefit from the slowly-improving U.S. economies. That means that rents in the highly attractive East 57th Street area remained among the world’s highest.

Source: Cushman & Wakefield
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[slide
permalink=”6-the-average-annual-rent-on-paris-avenue-des-champs-elysees-was-1129square-foot-5″
title=”#6 The average annual rent on Paris’ Avenue des Champs Elysées was $1,129/square foot”
content=”Values in this region shot up nearly 30 per cent this year, thanks to high tourist demand. The French market could benefit even more next year thanks to some new retail development projects and the construction of more luxury hotels.

Source: Cushman & Wakefield
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[slide
permalink=”5-the-average-annual-rent-on-hong-kongs-tsim-sha-tsui-was-1547square-foot-6″
title=”#5 The average annual rent on Hong Kong’s Tsim Sha Tsui was $1,547/square foot”
content=”Hong Kong is the gateway city for many brands looking to enter Asia. With a growing number of mainland tourists and booming demand from locals, more retailers are looking to open in the region.

Source: Cushman & Wakefield
image=”http://static.businessinsider.com/image/4e5f9f366bb3f7051400000c”
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[slide
permalink=”4-the-average-annual-rent-on-hong-kongs-central-was-1856square-foot-7″
title=”#4 The average annual rent on Hong Kong’s Central was $1,856/square foot”
content=”This district is almost completely made up by luxury, watch and jewelry brands because these businesses are the only ones that can afford the high rents. Demand is so high that even the suburban regions outside the Central are expensive.

Source: Cushman & Wakefield
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[slide
permalink=”3-the-average-annual-rent-on-new-york-citys-times-square-was-2100square-foot-8″
title=”#3 The average annual rent on New York City’s Times Square was $2,100/square foot”
content=”The street benefitted from increased tourism activity and demand for accessories like purses, watches and jewelry.

Source: Cushman & Wakefield
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[slide
permalink=”2-the-average-annual-rent-on-new-york-citys-fifth-avenue-was-2500square-foot-9″
title=”#2 The average annual rent on New York City’s Fifth Avenue was $2,500/square foot”
content=”U.S. retailers are trying to expand in tried-and-true markets, like New York, instead of riskier locations in other cities. That means that main shopping districts in New York are among the most desirable.

Source: Cushman & Wakefield
image=”http://static.businessinsider.com/image/4e5fa03a6bb3f78b09000020″
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[slide
permalink=”1-the-average-annual-rent-on-hong-kongs-causeway-bay-was-2630square-foot-10″
title=”#1 The average annual rent on Hong Kong’s Causeway Bay was $2,630/square foot”
content=”Average rates grew a stunning 35 per cent in this area thanks to greater demand for luxury goods. Causeway Bay overtook 5th Avenue as the most expensive place for retailers.

Source: Cushman & Wakefield
image=”http://static.businessinsider.com/image/4e5f9fdaeab8eab076000016″
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[slide
permalink=”youve-seen-expensive-shopping-areas-11″
title=”You’ve seen expensive shopping areas…”
content=”Now check out the best hotel in the world >
image=”http://static.businessinsider.com/image/509844216bb3f72565000012″
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[/slideshow]