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As rents plummet, Hong Kong loses top spot for luxury shopping to New York

Manhattan's Upper Fifth Avenue is now the priciest street globally for shopping, Hong Kong's Tsim Sha Tsui district comes second

Photo: Bloomberg
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Photo: Bloomberg

Krystal Chia | Bloomberg
Hong Kong no longer has the world’s most-expensive retail district after rents plummeted due to Covid curbs and restrictions on visitors.
 
Manhattan’s Upper Fifth Avenue is now the priciest street globally for shopping, according to a survey by commercial property firm Cushman & Wakefield Plc. Hong Kong’s Tsim Sha Tsui district comes second, followed by Italy’s Via Montenapoleone in Milan. The previously annual survey is the first since 2019.

Annual rents for Upper Fifth Avenue shops averaged $2,000 per square foot, up 14% from pre-pandemic levels, according to the report. Rents in Tsim Sha Tsui in Kowloon fell 41%

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First Published: Nov 23 2022 | 8:57 AM IST

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