Advertise with fastmoving.co.za
 
 

Retail's global top 10
Retail's global top 10

Retail's global top 10

FMCG SUPPLIER NEWS

Fin24/ Sapa-AP - May 15th 2013, 09:25

New York - There's expensive and then there's Hong Kong. 

The Asian shopping haven in the first quarter kept its crown as having the world's highest rent for prime retail properties, at nearly 50% more than for similar districts such as upper Fifth Avenue in Manhattan.

Rents were more than four times the rate in similar areas in London and Paris, according to a report by global property adviser CBRE Group.

The 10 most expensive cities for retailers benefit from strong demand and modest new supply, a recipe for stable record-high prime rental rates, the report released on Sunday showed.

In some markets, such as Hong Kong and London, the sky-high rents have prompted some newcomers to look nearby. For example, in London, Mayfair has benefited from those priced out of Bond Street.

Annual retail rent in high-end shopping areas in Hong Kong averaged €36 351 per square metre.

"Given that space is so expensive in Hong Kong's prime shopping streets largely driven by continued demand from international luxury brands, many traditional retailers have moved into more niche secondary retail locations as they still want to be in and access the market, but have been priced out of the prime space," Joe Lin, CBRE's executive director of retail, said in a statement.

New York ranked second among the most expensive global retail markets, with prime rents averaging €24 944 per square metre.

Europe's prime retail markets followed, with London at €8 843 per square metre, and Paris at €8 820 per square metre.

The supply of prime space was tight elsewhere in the Asia Pacific region. An inflow of US retailers helped Sydney maintain its prime rent at an average of €8,549 per square metre.

Tokyo was sixth at €7 519 per square metre, followed by Melbourne at €7 148 per square metre.

Zurich came in eighth at €6 905 per square metre. Brisbane's mining and natural resource sectors, and growing population helped push that into the top 10 with its prime retail rents up 15% to €6 209 per square metre.

Moscow rounded out the top 10 with rents at €6 203 per square metre. 

Related News

AB InBev to float Asian business in 2019’s second biggest IPO
22/09/2019 - 10:14
AB InBev will kick off a second attempt to spin off its Asian business in Hong Kong with the launch of an initial public offering (IPO) worth up to $6.6bn that could be the world’s second-largest flotation in 2019.

Zara denies its Hong Kong stores were closed due to protests
04/09/2019 - 09:37
Fast-fashion company Zara says store closures in Hong Kong were not related to anti-Beijing protests in the city, after speculation on Chinese social media that the retailer’s employees were supporting the demonstrators.

Hong Kong's June retail sales slide due to mass protests - government data shows
05/08/2019 - 09:18
Retail sales, a key part of Hong Kong’s economy, felt a growing impact in June from mass protests, government data shows.

Back to selling more beers for AB InBev after failed Asian float
23/07/2019 - 11:40
AB InBev’s cancelled Asian stock market listing will slow but not derail the world’s largest brewer’s efforts to cut its debt mountain, delaying future acquisitions and prioritising its main challenge: selling more beers.

Alibaba plans $20bn Hong Kong listing
05/06/2019 - 10:02
Alibaba is considering raising as much as $20bn through a listing in Hong Kong, people familiar with the matter say, lining up a second blockbuster deal following its 2014 record $25bn float in New York.