New Bond street is no longer the most expensive for shop rentals in Europe.
(Picture: Getty Images)New Bond Street is no longer the most expensive place to rent shop space in Europe with Milan’s premier street taking the crown.
Home to countless luxury brands, including Chanel and Dior and Louis Vuitton, the street is famed for hosting top-of-the-line retail clients.
But New Bond Street has been overtaken by Via Monte Napoleone, Milan, according to property expert Cushman & Wakefield.
They say UK landlords have slashed rents to ro attract new reailers after covid took its toll on trade,
Rent has dropped by 11% following the pandemic and 7% this year. The current rent on New Bond Street is £1,150 per sq ft per year.
With Vis Monte Napoleone in Milan’s rent moving up by 7% this year to £1,152 ($1,380) per sq ft, it has just surpassed New Bond Street.
Peter Mace, Head of Central London Retail at Cushman & Wakefield, commented: “While these headline figures suggest New Bond Street has not recovered to pre-Covid levels, deeper down there is a more complex picture. We are seeing several relocations from within the street or from luxury brands who were based nearby, many of which are looking to move to the middle section, to be close to Gucci which is moving there next year.”
London’s luxury shopping street’s rents remain higher than the Champs-Élysées in Paris, which dropped 4% this year and stand at £877 ($1,050) per sq ft.
New York’s Fifth Avenue takes is the most expensive street in the world, with average rents of £1,665 ($2,000) per sq ft.
Robert Travers, Cushman & Wakefield’s Head of Retail in Europe, Asia, and the Middle East, added: “The industry has been through one of the biggest stress tests imaginable over the past few years, but the best-in-class retail real estate has remained robust.”
