MAPIC: Champs-Élysées rises to 3rd place in retail destination ranking

Avenue des Champs-Élysées in Paris has emerged as the world's third most expensive shopping destination based on rental levels, according to Cushman & Wakefield's latest Main Streets Across the World report. Propelled by strong rental growth, the Champs-Élysées replaced Ginza Tokyo in third place, rising two notches from fifth position in 2011.

Of the 326 prime locations in 62 countries surveyed for the report, a total of 147 saw rents increasing with just 49 (15%) experiencing rental declines compared with 19% in 2011.

Causeway Bay in Hong Kong overtook New York's Fifth Avenue as the most expensive retail destination in the world, with the latter losing its first spot for the first time in 11 years.

In Europe, the Champs-Élysées was followed in second place by London's New Bond Street, with the Bahnhofstrasse in Zurich taking the third spot.

'Despite a backdrop of a slower global economy and continued uncertainty - notably surrounding the eurozone - global prime retail markets have proved generally resilient over the year to June, with rental growth driven in particular by a strong performance in Asia and the Americas,' the report says.

The 10 most expensive retail locations in EMEA as ranked by Cushman & Wakefield are: -

Rank 2012 Country City Street €/sq m/year % Change

1 France Paris Av. des Champs-Élysées 9,573 30
2 UK London New Bond Street 7,942 3.1
3 Switzerland Zurich Bahnhofstrasse 7,243 8.7
4 Italy Milan Via Montenapoleone 7,000 2.9
5 Italy Rome Via Condotti 802 6,800 1.5
6 France Paris Pl. Vendôme/R. de la Paix 6,259 6.3
7 UK London Oxford Street 720 6,106 7
8 Italy Rome Piazza Di Spagna 6,000 -
8 Italy Rome Piazza San Lorenzo 6,000 1.7
10 France Paris R.du Faubourg St Honoré 5,891 23.1