Despite the fragile economic recovery, global retail markets have rebounded strongly during the last year according to Cushman & Wakefield (C&W).
Despite the fragile economic recovery, global retail markets have rebounded strongly during the last year according to Cushman & Wakefield (C&W).
Over four-fifths (81%) of the 63 countries surveyed by the global real estate adviser for its 'Main Streets Across the World' report recorded prime rents increasing or remaining static over the year to June. This represents a large increase on the previous year (66%). Around one fifth of countries (19%) saw rents falling, compared with over one third (34%) in 2010.
New York's Fifth Avenue, where rents jumped by 21.6%, retained its spot as the most expensive shopping street in the world for the 10th year running. Causeway Bay in Hong Kong remained in second place and Tokyo's Ginza in third.
Despite a rental increase of 4.3%, London's New Bond Street dropped two rankings, from fourth to sixth. The UK street falls behind Avenue des Champs-Elysées in Paris which is now the most expensive retail location in Europe having registered a rental uplift of 5.3%, compared with a decrease of 9.5% last year.
Growth across Europe (1.9%) was considerably more restrained and - with exception of the Middle-East and Africa (0%) - lagged behind other regions. However, it bounced back from the profound decline recorded last year (4.2%). Helsinki city centre showed the strongest growth in Europe, with a rental increase of 33.3%.
