Tsim Sha Tsui falls to 3rd in global ranking of most expensive retail strip

Tsim Sha Tsui has been overtaken by the Via Montenapoleone in Milan, Italy, and slipped to third place in a ranking examining retail rental rates in prime locations in cities worldwide.

According to Cushman & Wakefield's latest Main Streets Across the World report – which focuses on headline rents in best-in-class urban locations across the world - New York's Fifth Avenue retains its top ranking as the most expensive retail destination with a retail rent of $2,000 US Dollars per square feet per year.

Tsim Sha Tsui (main street shops) lost its 2nd position to Via Montenapoleone, which ranked third in the 2022 report, with the retail stores on Canton Road paying an average of US$1,493 per sqft this year, a 39 percent drop compared to pre-Covid levels.

The shops on the upscale shopping street in Milan pay US$1,766 per sqft rent annually.

New Bond Street in London (US$1,462/sqft) and the Avenues des Champs-Élysées in Paris (US$1,120/sqft) retained fourth and fifth positions, respectively.

The biggest mover was Istiklal Street in Istanbul, up from 31st to 20th, as rampant inflation caused rents to more than double over the past year.

Cushman & Wakefield said as the world continues to emerge from the impacts of the Covid-19 pandemic, prime retail destinations similarly have continued their rebound, recording mostly positive rental growth over the past year.

It added that the strongest growth across global prime retail destinations was recorded in Asia Pacific, which averaged 5.9 percent, with Europe at 4.2 percent and the Americas at 5.2 percent.

However, the rent increase did not match peak inflation levels with almost 60 percent of markets globally remaining below pre-pandemic rental levels.