Hong Kong’s Causeway Bay is the most expensive place to shop in the world, according to a recent Cushman & Wakefield report. Causeway Bay bumped New York’s Fifth Avenue from the top position following a 35-percent increase in annual rents, averaging €22,307 per sqm. The annual rents for New York’s Fifth Avenue average €21,204 per sqm. Fifth Avenue had been named the most expensive retail destination in the world for 11 straight years.
Meanwhile, Avenue des Champs-Élysées in Paris saw a 30-percent increase in its annual rental rates and took third place on Cushman & Wakefield’s high street list, replacing Ginza Tokyo. Prague’s Na Příkopě and Wenceslas square climbed to the 27th position with annual rents average €2,100 per sqm. The list includes 326 prime shopping locations in 62 countries.
