Sofia’s most famous shopping street, Vitosha Blvd, retains a stable position in the Cushman & Wakefield consultancy ranking on the world’s most expensive shopping streets Main Streets across the World 2017. Vitosha Blvd went down only one position, from 50th place last year to 51 in 2017, among a total of 68 countries around the world. This is the 29th annual edition of the ranking and tracks 451 of the largest retail streets across the world. The list of the world’s 68 most expensive streets includes the streets with the highest rent of commercial areas.
The average annual rental per sq. m. of commercial area on Vitosha Blvd is EUR 552 (or EUR 46 / sq m average monthly rent), according to ranking data. 5th Avenue, the most expensive street in the New York City, in comparison, has an annual average rent of EUR 28,262 / sq. m.
Europe’s most expensive street is New Bond Street in London with an average annual rent of EUR 16 200 / sq. m., which makes it nearly 30 times more expensive than Vitosha in Sofia.
The ranking’s page describes Vitosha Blvd. as a popular and wide pedestrian zone in the city, which makes it attractive for a variety of cafes, bars and restaurants. The commercial areas are occupied by fashion brands in the middle price range, sports and leisure equipment and multiple diverse stores for cosmetics, health and beauty products. According to Forton, Cushman & Wakefield’s strategic partner, the increased demand for areas in the shopping space will continue in the next months, which will also lead to a rent increase.
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Top 5 in the European ranking are New Bond Street in London, Via Montenapoleone in Milan, Avenue des Champs Élysées in Paris, Via Condotti in Rome and Bahnhofstrasse in Zurich. New York’s 5th Avenue is again the leader in the global ranking, followed by Causeway Bay in Hong Kong. London’s New Bond Street climbed up one position, compared to last year. Fourth and new to the top five is Italy’s Via Montenapoleone, followed by Avenue des Champs Élysées. Of all 68 most expensive streets around the globe, the last in the ranking is again Windhoek in Namibia.
This year’s edition of Main Streets across the World 2017 concludes that today’s consumers do not have much spare time, but have endless options and online shopping channels and are offered more and more helpful technology and concepts for e-purchases. In this context, sellers are faced with increasing challenges in attracting customers to physical stores. Their presence in attractive locations aims not just at generating profits, but at enhancing customer loyalty and ensuring good online sales.