The influx of tourists catalyzed by the weak pound due to Brexit referendum has given a lift to the British capital’s Bond Street into the globe’s top positions of the most high-priced store areas.
According to the global ranking by Cushman & Wakefield company UK’s shopping location left French Champs Élysées behind, taking third place. Fifth Avenue in New York city remained at the top of the list, while Hong Kong’s Causeway Bay holds number two position.
Bond Street rents ran up 40% this year to June, as the report shows, while it’s the marketplace for many of the world’s most known luxury brands, among which are Chanel, Dior and others.
Sales went well regardless of Brexit fuss, multitude of tourists enjoying the upsides of the low UK currency snapped up popular manufacturers’ goods.
Darren Yates, who compiled the report, said that London’s main streets are among the most desired and highly-priced locations on the planet.
Upper Fifth Avenue’s mean yearly rents make up around $3,000 or £2,280 for a sq. foot, at the same time Causeway Bay prices are near $2,725 following a drop of 4.7%. What brought Bond Street to the third position is that rents jumped 37.5% to $1,720.