London’s most expensive shopping streets have withstood the economic downturn better than almost all other rivals, according to a comprehensive survey of the world’s shopping areas.

New Bond Street, home to many luxury brands, saw an increase in the rents being charged of almost 7% in the year to June, contrasting with sharp decreases on many other streets, including the world’s most expensive – New York’s Fifth Avenue.

Real estate consultancy Cushman & Wakefield, the report’s author, said the attraction of the West End had ensured rents were resilient despite weakness in the rest of the UK.

The report, Main Streets across the World, says the UK’s high streets have otherwise seen a decline in rents of 2.4% during the year to June.

Financial Times