New Bond street, London, Europe's leader |
The study by Cushman & Wakefield reports significant progression in the emerging countries, even if the figures are still relatively low. Despite no longer being an emerging country, South Korea is ranked eighth compared to number eleven last year. Seoul, Myeongdong hosts the main street status with rental value soaring 18% to 4,844 Euros.
France’s beautiful avenue has seen its value fall by 9.5% to 6,965 Euros/m²/year. Europe’s new leader is London’s New Bond Street with a 19.4% increase in rental value. The real estate firm said Champs-Elysées’ decline can be explained by several reasons.
Paris’ municipal authorities tried to limited new ready-to-wear store openings and some of the major international brands were “unable to bear the high rental costs on the best spots on the Avenue," the study said. Christian Dubois, CEO of Cushman & Wakefield France, also noted that the negative evolution of rent indexes and the gap between the availability of shop space and the desire of national retailers to open smaller stores to streamline their rental costs have also played a pivotal role."
According to the study, the decline of the Champs-Elysées had no impact on other streets in Paris. The Opera district still attracted a number of recent openings; Desigual, Camper and Uniqlo. Rental value was up 12.5% on the Boulevard Saint-Germain, boosted by the opening of a Ralph Lauren flagship.
Original by Jean-Paul Leroy. Translated by Rosie Hart