Bond Street reclaims crown as Europe’s priciest shopping street
London’s Bond Street has regained its title as the most expensive shopping street in Europe,
London’s Bond Street has regained its title as the most expensive shopping street in Europe, driven by a sharp rise in rents and a resurgence in luxury retail demand.
New data from Savills shows prime rents on the prestigious West End street climbed 20% last year, reaching £13,162 per sq m. That places it ahead of Milan’s Via Monte Napoleone, which now trails slightly with prime rents at £12,872 per sq m, reported the Times.
The surge propels Bond Street to third place globally in terms of retail rental value, behind only Hong Kong’s Tsim Sha Tsui and New York’s Fifth Avenue.
The uplift reflects renewed appetite for premium physical retail space post-pandemic, as high-end brands reposition themselves for long-term growth. With demand strengthening, prime locations like Bond Street are once again commanding record rents.
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Luxury names including Chanel, Louis Vuitton, Moncler, and Rolex continue to anchor the area. Watches of Switzerland opened a four-storey Rolex flagship on Old Bond Street last month, while Moncler unveiled a new store on New Bond Street in December.
Savills co-head of global retail Anthony Selwyn told the Times luxury brands were “clearly taking a longer-term strategic view of the market and are recalibrating portfolios to get closer to their consumers.”
He added: “In the immediate aftermath of the pandemic, with reduced international travel, we saw brands increasingly focus on large, affluent, relatively underserved domestic markets. And while this trend will continue, we will see our core luxury markets become increasingly more competitive, with building quality and pitch being of the upmost importance.”
Selwyn also noted that the heightened demand is likely to continue pushing prime rents upwards, although growth may begin to level out as availability tightens.
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