10 Shopping Paradises Where Renting A Shop Costs A Fortune
Shopping centres of cities are the places businesses flourish. These shoppers’ paradises also attract tourists, who in turn multiply business activity. No wonder you haveto pay a fortune if you have to rent a shop in these business centres.
Let us look at the top retail locations across the world, based on their prime rental value:
Upper 5th Avenue, New York
Shops at the 49th and the 60th Streets have an average yearly rent of $3,500 per square foot (sq ft), making Upper 5th Avenue the most expensive location for retail shopping.
Causeway Bay, Hong Kong
Avenue des Champs Élysées, Paris
Fashion capital of the world Paris houses the third costliest retail shopping street of Avenue des Champs Élysées. The average yearly rent here is $1,368 per sq ft.
New Bond Street, London
With the annual rental of $1,283 per sq ft, the New Bond Street of London is the fourth costliest retail location in the world. On an annual basis, the rental rates have increased 8.6 per cent --- this is twice the rate of increase as compared to the previous year.
Ginza of the capital city of Japan is the fifth high-priced retail location, with yearly rental of $1,249 per sq ft.
Via Montenapoleone, Milan
The annual rental paid by tenants of Via Montenapoleone in Milan is $1,035.10 per sq ft. In 2014, the rentals stood at $998.
Pitt Street Mall, Sydney
At an yearly rentals of $968 per sq ft, Pitt Street Mall of Sydney is the seventh most expensive retail street in the world.
Meyongdong in Seoul made it to the top 10, with an annual rental going up to $908 per sq ft.
Bahnhofstrasse in Zurich has an annual rental of less than $1,000/ sq ft.
Kohlmarkt in Vienna is the ranked 10, with an annual rental of $477 per sq ft.
Picture source: Wikimedia