In a significant development for the global luxury retail market, London’s **New Bond Street** has, for the first time, been declared the world’s most expensive retail destination. This prestigious accolade, highlighting **New Bond Street retail**, comes from the latest “Main Streets Across the World” report, published by commercial real estate experts Cushman & Wakefield, solidifying its place in global retail rankings.
New Bond Street Claims Top Spot in Global Retail Rankings
The 35th edition of the report reveals that **New Bond Street** has surpassed long-standing contenders, securing the prime position with annual rents reaching an astonishing $2,231 per square foot. This figure represents a substantial 22% surge in rental costs over the past year alone for **New Bond Street**. This remarkable increase has propelled the London street ahead of Milan’s Via Montenapoleone, which now ranks second with rents at $2,179 per square foot annually, and New York’s Upper Fifth Avenue, holding third place at $2,000 per square foot per year. Previously, Via Montenapoleone held the top spot, marking the first time a European street had achieved this global distinction, a significant win for **New Bond Street**.
Drivers Behind the Soaring Rents on New Bond Street
Experts attribute **New Bond Street**’s ascent to a confluence of strong demand, limited supply, and ongoing investment in the street’s public realm, solidifying its status as a premier global retail hub. Duncan Gilliard, Head of Central London Retail at Cushman & Wakefield, noted that the prime jewellery section, specifically between Clifford Street and Burlington Gardens on **New Bond Street**, has become one of the most intensely contested locations in global retail. This fierce competition has led many retailers to commit to long-term leases with strong rental terms to secure their presence in this highly coveted area, a key aspect of **New Bond Street retail**.
Global Retail Landscape and London’s Resurgence, Featuring New Bond Street
The “Main Streets Across the World” report, which evaluates headline rents in 141 of the world’s top urban retail locations, often those associated with the luxury sector, highlights a broader trend of recovery and growth in prime retail corridors. Globally, rents have seen an average increase of 4.2% over the past year, with 58% of tracked markets experiencing rental growth. Europe, in particular, has shown steady growth, with London leading the resurgence. Alongside **New Bond Street**, other iconic London streets like Oxford Street and Regent Street also recorded double-digit increases in rents, reflecting the strength of the **London luxury market**.
The Enduring Appeal of Premier Shopping Destinations like New Bond Street
Robert Travers, Head of EMEA Retail at Cushman & Wakefield, emphasizes that the enduring appeal of the world’s premier main streets lies in their unique blend of heritage, visibility, and cultural cachet. These locations, including **New Bond Street**, are increasingly viewed not just as retail spaces but as global stages for brand storytelling, architectural expression, and consumer engagement. The report author, Dr. Dominic Brown, Head of International Research at Cushman & Wakefield, noted that prime retail corridors are benefiting from resilient economic growth, easing cost-of-living pressures, and a renewed appetite for discretionary spending, particularly within the luxury segment, all factors contributing to the success of **New Bond Street**.
London’s Luxury Market Strength on New Bond Street
This news from **New Bond Street** underscores the robust health of London’s luxury retail market. Recent reports indicate significant investment in the capital’s premium retail sector, including LVMH’s £165 million acquisition of a **New Bond Street** property. The city is home to a growing number of high-net-worth individuals, with high-end property prices surging and luxury apartment sales increasing substantially, making **New Bond Street** a prime focus for the **London luxury market**. Despite some concerns regarding macroeconomic uncertainty and the loss of tax-free shopping for international visitors, retailer sentiment for London’s luxury prospects remains optimistic for the coming years, particularly for streets like **New Bond Street**.
A New Benchmark for Luxury Retail on New Bond Street
The ascent of **New Bond Street** to the pinnacle of global retail rankings is a testament to its enduring allure and the strong demand from leading luxury brands. It highlights the critical importance of prime locations, such as **New Bond Street**, for brand visibility, customer experience, and long-term success in today’s competitive retail landscape. This achievement, especially regarding its status as the **most expensive shopping street**, is a significant piece of news for London’s economy and its standing as a world-leading luxury capital, reaffirming **New Bond Street** as a key player in **global retail rankings**.
