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Peggy Sito

Russell Street in Hong Kong’s Causeway Bay district has replaced New York’s Upper 5th Avenue as the world’s most expensive retail street by rental value, according to property consultants Cushman & Wakefield.
For the first time in five years, the city has regained the crown, with average annual rents of US$2,671 per square foot (HK$20,953) despite a small decline of 1.5 per cent in average rents, according to the company’s annual Main Streets Across the World report, released on Wednesday morning.
This was also the sixth time Causeway Bay has had the distinction of being named the world’s most expensive retail location.

The report, now in its 30th year, tracks 446 of the top retail streets around the globe, ranking them by their prime rental value as of the second quarter of 2018.
Cushman & Wakefield’s proprietary data includes a list of the most expensive streets in 65 countries and regions.
Thailand opens biggest luxury shopping mall, eyeing rich Chinese tourists
Upper 5th Avenue in New York slipped to second place globally, with average annual rents of US$2,250 per sq ft compared with US$3,000 per sq ft in the previous 12-month period as vacancy increased. The report said rents had fallen by 25 per cent because of the increased vacancy.
London’s New Bond Street meanwhile is the most expensive European location and third globally. Annual rents here were broadly flat year-on-year at US$1,744 per sq ft, underlining the fact that luxury and high-end retailers still see the UK’s capital as a key retail destination.
Hong Kong retailers take advantage of cheap rents to move into long-vacant shops
Beijing’s Wangfujing has become the most expensive street in China, with rents on average costing US$482 per sq ft a year, ranking 11th worldwide.
“The retail market in Hong Kong has experienced a rebound over the last year, driven mainly by a return of mainland Chinese tourists,” said Kevin Lam, Cushman & Wakefield’s head of retail services for Hong Kong.
Maureen Fung Sau-yim, executive director of Sun Hung Kai Real Estate Agency, said the number of mainland tourists would remain high if the yuan fell further.
Fung manages 38 shopping malls with a gross floor area of 10 million square feet in Hong Kong and mainland China.
One of them, APM, in Kwun Tong, was among the first to introduce round-trip direct buses from the mall to Zhuhai and Macau.
“Since the opening of the Hong Kong-Zhuhai-Macau Bridge on October 24, APM has been running 780 round-trip direct buses to Zhuhai and Macau, serving 25,000 passengers, in which 80 per cent of them are Macau tourists who came for a one-day tour,”she said on Wednesday.
Each of these visitors spends between HK$500 and HK$800, mainly on dining, cosmetics, and personal care.
“APM aims to draw as many as 100,000 monthly visitors to the mall. Extra part-time staff are being hired to support the new demand,” adds Fung.





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Retail properties

Causeway Bay’s Russell Street trumps 5th Avenue in New York as the world’s most expensive retail rental market

Pedestrians walk on street in Causeway Bay. 27SEP17 SCMP / Sam Tsang

Retail rents on Russell Street, Causeway Bay, were the highest in the world in the second quarter, according to a Cushman & Wakefield report. Photo: Rachel Cheung/SCMP

Causeway Bay and Tsim Sha Tsui retain allure for retailers in spite of sluggish times

Causeway Bay ranked third in the city in terms of most expensive average retail rents, trailing Tsim Sha Tsui and Central.Photo: David Wong

Skechers flagship store in Causeway Bay. 26OCT16 SCMP/Bruce Yan

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A Campfire co-working space. The Hong Kong company said it hopes to attract the start-ups and fintech firms flocking to Causeway Bay. Photo: Handout

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JPG for ONLINE

VPOINT at Tang Lung Street, Causeway Bay. 12DEC17 Picture by Robert Ng

Hong Kong’s Causeway Bay remains second-most expensive retail district on the planet, behind only New York’s Fifth Avenue

Hong Kong’s Causeway Bay is the world’s second most expensive retail district in the world for the second straight year, according to Cushman & Wakefield. Photo: Sam Tsang

Victoria’s Secret opens Hong Kong flagship store in Causeway Bay – and enters crowded market for fashion-forward lingerie

The lingerie giant’s huge new store comes at a time of weak sales for the US company, and competition from brands including Peach John, 6ixty8ight and Aerie that are meeting local demand for trendy, wallet-friendly designs

Women's lingerie from Aerie

Victoria's Secret in Causeway Bay

Chinese model Ming Xi presents a creation during the 2017 Victoria's Secret Fashion Show in Shanghai on November 20, 2017. / AFP PHOTO / FRED DUFOUR / RESTRICTED TO EDITORIAL USE

Intimissimi boutiques in Hong Kong

A fitting room at the new Victoria’s Secret store in Causeway Bay in Hong Kong.

Business

Property

Hong Kong & China

Average annual rents in Causeway Bay stood at US$2,671 per sq ft at the end of second quarter
Sixth time in 30 years that Causeway Bay has been ranked number one


Russell Street in Hong Kong’s Causeway Bay district has replaced New York’s Upper 5th Avenue as the world’s most expensive retail street by rental value, a new survey says.


Retailing

International Property

Hong Kong property

Causeway Bay’s Russell Street trumps 5th Avenue in New York as the world’s most expensive retail rental market

Average annual rents in Causeway Bay stood at US$2,671 per sq ft at the end of second quarter Sixth time in 30 years that Causeway Bay has been ranked number one

Average annual rents in Causeway Bay stood at US$2,671 per sq ft at the end of second quarter

Sixth time in 30 years that Causeway Bay has been ranked number one