London's Bond Street ranks as the world's third-most expensive shopping destination

London's New Bond Street is now the world's third-most expensive shopping destination, according to a new report by Cushman & Wakefield. This ranking reflects a rise from fourth place last year, surpassing Hong Kong's Tsim Sha Tsui. The report, part of the Main Streets Across the World study for 2024, shows that average retail rents have increased by 11% on New Bond Street, reaching $1,762 (£1,387) per square foot per year. Milan's Via Montenapoleone remains the most expensive, with rents at $2,047 (£1,612) per square foot, followed by New York's Fifth Avenue at $2,000 (£1,575). Overall, retail rents globally have risen nearly 6% since the pandemic.