There are many big markets in the world which are considered best for shopping, and they have hundreds of stores in them. The rent on these big markets is very high which is mostly owned by the big brands of the world. Retailers claim that these big markets are the home to the most expensive places in the world, and some other top shopping markets are in cities like Miami, Paris, and Hong Kong, etc. It is said that in the New York market the direct result of the increase in the number of visitors which is almost 56 million in each year. Some big shopping places are considered as the hottest places in the world which are the main thing to increase the brand equity. It is estimated that on the busiest streets like Time Square the average rent of those shops is $2,300 for each square foot. These big markets are increasing and growing very fast, and their rent is also increasing. The demand for the big brands is increasing while the supply is not fulfilling easily. The rental places in big cities like Paris, London, Tokyo, etc. is kept on increasing.
The following are top 10 highest paid rent shopping strips in the world:
10. Lower 5th Avenue, New York:
The lower 5th Avenue shopping strip is located in Manhattan from the famous Washington Square Park and is full of fashion boutiques in all 7-story building. It also has a large range of famous restaurants to enhance the attraction of the people to get to this shopping center. New York is located in USA which is given to retailers on rent basis which has the total annual rent of $675 for each square foot while the San Francisco Square which has the total rent for $650 for each square foot. The total average annual rent of this expensive market is $1,000.
9. Pitt Street Mall, Sydney:
Pitt Street Mall is located in the shopping area of Australia which is very large and has almost 8 big malls in it which has the total of 600 big brands stores in it. The all leading brands stores are located in it like Zara, H & M, Gucci, and Tag Heuer, etc. It has the large area kept for the pedestrians walking to the malls. It is the biggest attraction for the tourists coming from the Asia and China as well which are willing to spend on luxurious shopping even outside the China. The average annual rent of this high-class shopping is $1,016.
8. New Bond Street, London:
New Bond Street is located in London and is considered as the high-class tenant places and luxurious one as well. This street has many famous and big departmental stores like Louis Vuitton, Alexander McQueen, and many other big brands. It has all the expensive brands stores in it which are very expensive and best for the high-class standard of living. The average annual rent on this street for its shops is $1,216.
7. Madison Avenue, New York:
Madison Avenue is also very luxurious and is populated than the Fifth Square, which is the main attraction of the tourists. But still it is very famous because of some big spots that are suitable for the richest people in the whole USA and their luxurious lifestyle. It has many big stores like Jimmy Choo, Hermes, Tory Birch and Vinci etc. Fendi has recently opened a big fancy store at this street while Ralph Lauren has recently opened his big store.
6. Champs-Elysees, Paris:
Champs-Elysees is located in Paris which has many brands in it in which some big French handbags are also opened there. Recently Tiffany & Co has opened its luxurious store to make this shopping strip more happening and attractive for the tourists coming from other countries. The whole market is targeting the tourists rather than the normal people of Paris. Their main attraction is the Chinese tourists for which there are many French brands located in it. The average annual rent on this Champs—Elysees is $1,556.
5. Tsim Sha Tsui, Hong Kong:
Hong Kong is a very big place for shopping and brands of the world. It is very different kind of shopping strip which has many big brands like Ralph Lauren, Versace, Swatch and many others. It is very busy place in terms of buyers who wanted to have luxurious things for themselves. At this shopping place, all big brands are located as its average annual rent is estimated to be $2,063 which is very expensive for the shops that are the reason only big brands are located there.
4. Central, Hong Kong:
The central area located in Hong Kong is the main business area there and provides the more finances to the home country. It is also the best shopping destination for people in all over the world. Chinese are people who love to shop in other countries when they are on vacations. It has many big brand stores like Bulgari, Prada, and Louis Vuitton, etc. and is the center of many big brands as well. The average annual rent for this place is $2,164.
3. Times Square, New York:
Times Square is the crossroads of the world and is considered as the outdoor mall that is located at the heart of USA. It is the home for many big brands, and their outlets are located there. It has many big stores like Levi1s, Disney, Hershey`s and Forever 21 as well. Times Square of New York is very famous all over the world and the best shopping place for the luxurious things. The average annual rent of this shopping strip is $2,300.
2. Hong Kong, Causeway Bay:
Causeway Bay is located in Hong Kong, which is considered as the first choice for all the retailers in Hong Kong. Mostly the big brands are willing to spend a large amount on them, and their rental charges don’t matter them. The famous brand H & M is willing to pay $770,000 for a month to get the best location at this place. It is also the home for many big famous retailers of the world like Tiffany, Coach, and many others. The average annual rent of this place is $2,735 which is an expensive one.
1. Upper 5th Avenue, New York City:
Upper 5TH Avenue is the biggest and most expensive shopping strip in the world which has the most expensive brand stores in the world like Tiffany etc. It has millions of tourists coming from all over the world for shopping there. Many big stores are earning a lot from their business like $3.7 million a day. All retailers do very well in this shopping strip and as compared to all other malls of USA. The average annual rent is $3,500 for each square foot there.
List of Most Expensive Shopping Strips in the World:
|1||Upper 5TH Avenue, New York city||$ 3500|
|2||Hong Kong, Causeway Bay||$ 2735|
|3||Times Square, New York||$ 2300|
|4||Central, Hong Kong||$ 2164|
|5||Tsim Sha Tsui, Hong Kong||$ 2063|
|6||Champs-Elysees, Paris||$ 1556|
|7||Madison Avenue, New York||$ 1000|
|8||New Bond Street, London||$ 1216|
|9||Pitt Street Mall, Sydney||$ 1016|
|10||Lower 5th Avenue, New York||$ 1000|
The above ranking of the most expensive shopping strip is given according to the annual rental charges on an annual basis and their popularity as well. All these shopping centers are very big and made for the large people. All the famous and big brands of the world have their outlets in these places that are expensive. These places are the best for the luxurious and latest shopping to get the trendy look.