• In the 35^th edition of Cushman & Wakefield's Main Streets Across The World report, Hong Kong's Tsim Sha Tsui maintains its global ranking position as the world's 4^th most expensive retail street; whilst the area continued to top the APAC ranking as region's the most expensive retail destination
• Rents on New Bond Street ($2,231 per square foot per year) have leapfrogged Milan's Via Montenapoleone and New York's Upper Fifth Avenue to top the global rankings
• 58% of tracked retail streets saw rent increases, reflecting demand for space far exceeding availability

HONG KONG SAR - Media OutReach Newswire - 19 November 2025 - London's New Bond Street, where rents have risen by 22% in the past year to $2,231 per square foot per year (psf/yr), has been crowned the world's most expensive retail destination for the first time, according to Cushman & Wakefield (NYSE: CWK). New Bond Street has leapfrogged Milan's Via Montenapoleone ($2,179 psf/yr), which last year became the first European street to top the global rankings, and New York's iconic Upper Fifth Avenue ($2,000 psf/yr), in the 35^th edition of the firm's flagship retail report 'Main Streets Across the World'. New Bond Street's rental growth has been fuelled by strong demand and limited supply, with the prime jewellery section between Clifford Street and Burlington Gardens becoming one of the most fiercely contested locations in global retail. Globally, rents grew on average at 4.2% with 58% of markets experiencing rental growth. The Americas led regional rental growth at 7.9%, driven by currency effects in South America. Europe experienced steady 4% year-on-year (y-o-y) growth, with standout performances in Budapest and London. Meanwhile rents in Asia Pacific slowed to 2.1%, with strong growth in India and Japan offset by economic headwinds in Greater China and Southeast Asia. Report author and Cushman & Wakefield's Head of International Research, Dr. Dominic Brown, said: "Prime retail corridors are benefiting from a convergence of factors including resilient economic growth, easing cost of living pressures, and a renewed appetite for discretionary spending. While growth trajectories will vary by market, the strength of flagship locations is clear. We've seen exceptional double-digit rental growth in select cities, even as others face pressure. The continuing importance of physical retail, particularly for deep and meaningful brand engagement in places where consumers want to be, reinforces the enduring appeal of the world's premier shopping streets and we expect this momentum to strengthen as global conditions improve." Table 1: Main Streets Across the World – Global Ranking by Market 2025

Global Ranking 2025	Global Ranking 2024	Location	Rent (USD/sq.ft/yr)	Rent (EUR/sqm/yr)	YOY (LCY)
1	3	New Bond Street, London	$2,231	€20,482	22%
2	1	Via Montenapoleone, Milan	$2,179	€20,000	0%
3	2	Upper Fifth Avenue (49th to 60th Sts), New York	$2,000	€18,359	0%
4	4	Tsim Sha Tsui (main street shops), Hong Kong	$1,515	€13,907	-6%
5	5	Avenue des Champs Élysées, Paris	$1,364	€12,519	0%
6	6	Ginza, Tokyo	$1,257	€11,538	10%
7	7	Bahnhofstrasse, Zurich	$1,051	€9,644	0%
8	8	Pitt Street Mall, Sydney	$795	€7,294	4%
9	9	Myeongdong, Seoul	$653	€5,997	1%
10	10	Kohlmarkt, Vienna	$601	€5,520	2%
Source: Cushman & Wakefield

Asia Pacific highlights Rental growth in Asia Pacific slowed from 2.8% in 2024 to 2.1% in 2025, though performance varied widely across markets. India's Tier 1 cities led the region, with Gurgaon's Galleria Market recording a 25% increase, followed by Connaught Place in New Delhi (14%) and Kemps Corner in Mumbai (10%). Japan's Ginza and Omotesando in Tokyo saw strong growth of 10% and 13% respectively, while rents in Hong Kong's Tsim Sha Tsui declined by 6% to $1,515 psf/yr. Sydney's Pitt Street Mall recorded modest growth of 4%, reaching $795 psf/yr, marking a return to positive...