The glitzy London shopping street that is now officially the most expensive retail destination in the world

London is an expensive place. Sometimes it feels like just stepping outside in this city comes with an obligatory 20 quid charge, but it turns out that it’s even pricey for people who are ready to splash the cash – the world’s most expensive luxury shopping street is right here in the capital.

This is the 35th year that real estate firm Cushman & Wakefield has produced its ‘Main Streets Across the World’. The annual report determines the places where high-end retail is thriving, based on the average rent of a unit on a given street.

This year, the planet’s ‘most expensive most expensive retail destination’ was New Bond Street. In 2024 the luxe stretch came third in the report, but a whopping 22 percent increase in rental costs over the past 12 months have now shot it up to top spot. Today, it costs a whopping £1,706 per square foot, per year, to rent a space on the road.

If you’ve ever strolled along New Bond Street, or been lucky enough to shop on it, you won’t be surprised to hear this news. It’s populated entirely by the sort of luxury designers that you’d expect to hear a celeb brag about, like Louis Vuitton, Cartier, and Balenciaga, just to name a few.

The report said that London in general has benefited from a strong ‘resurgence’ in the global retail market. Rent costs for retailers across the city have gone up which indicates higher demand, with Oxford Street and Regent Street also seeing costs go up by more than 10 percent. This is great if you’re a property investor, but less great if you’re a consumer or business having to foot the bill.

Globally, the average rent across the streets that C&W surveyed grew by 4.2 percent. That means that the British capital has seen growth that well exceeds expectations, based on other similar cities.

Milan’s Via Montenapoleone, last year’s leader, was knocked to second place because its rent hasn’t gone up at all. Instead, it remained at a mere £1,666 per square foot per year.

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