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STREET OF RICHES: The Avenue des Champs-Elysées in Paris has overtaken London’s New Bond Street as Europe’s most expensive retail location, according to a report from global real estate adviser Cushman & Wakefield. Rents on the famed French thoroughfare average $992 in 2011, up 5.3 percent year-on-year, compared with $930 for New Bond Street, which registered a 4.3 percent uptick versus 2010, the annual “Main Streets Across the World” study found.
Christian Dubois, head of retail services France at Cushman & Wakefield, said this reflected the arrival of high-profile brands including Banana Republic, Levi’s and Marks & Spencer. “Though rental growth on Paris’ most famous avenue has been limited so far, we expect prime rents to rise further in the short term as the shortage of space seems destined to last,” he stated. But don’t expect Paris to be topping the global chart anytime soon: It still ranks as the fifth most expensive location worldwide, with London moving down to sixth position from number four, while New York’s Fifth Avenue remains firmly anchored at number one.