[title]
You don’t have to go far in central London to find shows of extraordinary wealth. Whether it be vast mansions and flashy cars or glitzy hotels and shockingly spenny shops, this city has more than its fair share of playthings for the uber-rich.
But some parts of London are much more luxe than others – and that’s shown by a recent report on the most expensive shopping destinations in the world. The report comes from real estate firm Cushman & Wakefield, which every year reveals its list of the world’s most expensive retail shopping destinations.
This year (the 33rd edition of C&W’s report), London didn’t just make the cut – we took one of the top spots. None other than New Bond Street was named the fourth-most expensive shopping street in the entire world.
Cushman & Wakefield gets its ranking by comparing rents for ‘main streets’ around the world. As such, its list concerns the most expensive retail destinations for retailers, rather than shoppers. Even so, shops that pay higher rent usually charge higher prices. And you don’t see many budget options on New Bond Street, let’s put it that way.
According to C&W, New Bond Street apparently has an average rental price of €14,905 (£12,970) per square metre, per year. And you thought your rent was a bit steep!
In the global rankings, New Bond Street was topped by New York City’s Upper 5th Avenue (49th to 60th Streets), which had an average rent of €20,384 (£17,736), Milan’s Via Montenapoleone (€18,000/£15,661) and Hong Kong’s Tsim Sha Tsui (€15,219 / £13,242).
You can find out more about the rankings on the Cushman and Wakefield website here.
London and the high life
What with a London postcode being named the highest-earning in the UK and one of the capital’s neighbourhoods becoming Britain’s first with an average income of £100,000, it can be easy to forget that this city has plenty to do on a budget. You’ll find prices far more reasonable than those of New Bond Street with our list of the best things to do in the city for £5 or less and round-up of the capital’s best eats.
Did you see that London is officially one of the safest cities in the world?
Plus: After 400 years, could street performers disappear from Covent Garden?
Stay in the loop: sign up for our free Time Out London newsletter for the best of the city, straight to your inbox.