Cushman & Wakefield has just released the 33rd edition of its World Retail Avenues report, which examines prime retail rents in key cities around the world.
Accordingly, Fifth Avenue in New York City - USA still holds the top position as the most expensive retail destination in the world, despite recording unchanged rental growth compared to the same period last year.
Via Montenapoleone in Milan, Italy jumped to second place while Tsim Sha Tsui in Hong Kong, China dropped to third. New Bond Street in London, England and Avenues des Champs-Élysées in Paris, France took fourth and fifth place respectively.
Notably, Istiklal Street in Istanbul, Türkiye, rose from 31st to 20th place as inflation caused rents to more than double over the past year.
Notably, Dong Khoi Street in Ho Chi Minh City also rose one place to 13th. The rental price on Dong Khoi Street is 390 USD/square foot/year (about 101 million VND/m2), an increase of 17% over the same period last year.
Dong Khoi Street in District 1, Ho Chi Minh City
The report focuses on average rents for retail locations in the world’s most exclusive urban areas, many of which are luxury stores. Rental values in this particular segment are also influenced by promotional deals, incentive packages or risk-sharing leasing models.
This publication includes a global index ranking the most expensive destinations in each market around the world.
Asia- Pacific’s top brick- and-mortar retail destinations continue to command high rents, accounting for four of the top 10 most expensive locations globally, said Dominic Brown, report author and director of international market research for Asia- Pacific .
The region recorded an average rental growth of 5.3% year-on-year, which, combined with a relatively strong economic outlook into 2024, bodes well for a continued recovery in the retail sector in key luxury markets.
According to the report, more than 95% of luxury brands reported profit growth in 2022, and this trend continued through early 2023.
Source: https://nld.com.vn/kinh-te/gia-thue-mat-bang-duong-dong-khoi-tp-hcm-dat-thu-13-the-gioi-20231122173050342.htm
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