Europe London leads for high street retail

Cushman has ranked 141 of the most prestigious locations and ranked them by their most expensive retail street.

New Bond Street’s rental growth has been fuelled by strong demand, limited supply, and continued investment in the public realm, all of which have reinforced its status as a global retail destination. “The prime jewellery section between Clifford Street and Burlington Gardens in particular has become one of the most fiercely contested locations in global retail. This has seen many occupiers opting for long-term leases on strong rental terms to protect their position in this highly coveted location.
Duncan Gilliard, head of Central London retail at Cushman & Wakefield

The enduring appeal of the world’s premier main streets lies in their unique blend of heritage, visibility and cultural cachet. These iconic corridors are more than just retail destinations; they are global stages for brand storytelling, architectural expression and consumer engagement. Securing space on these streets can be extremely challenging, demanding innovative approaches to unlock new opportunities.
Robert Travers, head of EMEA retail at Cushman & Wakefield

Globally, rents increased by an average of 4.2 pct, with increases occurring in 58 pct of the monitored markets. Retail prices in the Americas region saw the highest increase, by 7.9 pct, driven by currency fluctuations in South America. In Europe, price growth reached 4 pct year-on-year, with the highest growth rates recorded in Budapest and London.

Nowy Świat maintains its position

Once again, Nowy Świat is the only Polish high street to qualify for the ranking, recording a 7 pct year-on-year rent increase. The annual rent in this capital city location is EUR 1,104 per sqm, placing Nowy Świat 35th among the most expensive streets in the world.

The 35th position in the global ranking of the world's most expensive high streets confirms the stable and predictable situation of Warsaw's Nowy Świat. At the same time, it sends a clear signal that the potential of this part of the city has not yet been fully realised. The scale of pedestrian and tourist traffic – according to our data, the number of visitors to Warsaw last year exceeded pre-pandemic levels – strengthens the argument for the need for further development and diversification of retail and service functions on Nowy Świat Street.
Michał Masztakowski, head of retail agency Poland, Cushman & Wakefield

From the perspective of effective urban planning and commercial attractiveness, a proper balance of usages within a street is crucial. Front-of-house premises should be primarily designated for retail, while spaces in the doorways and back of tenement buildings should be dedicated to restaurants and associated services, creating a more intimate and relaxing environment.

This layout supports how consumers naturally use space – shopping usually precedes a moment of relaxation over coffee or a meal – which results in a longer time spent in a given location. This model is already successfully operating on ul. Chmielna and should be consistently developed on Nowy Świat Street as well. Cities in Europe are increasingly acting as shopping centre managers – actively shaping what is offered on high streets, supporting tenant selection, and investing in the attractiveness of the location. Warsaw should follow the same path.
Michał Masztakowski

The current situation shows that Warsaw's most prestigious street requires a coherent commercialisation strategy – with a clearly defined vision, tenant structure, and a commitment to attracting interesting concepts, including premium and luxury brands. This will not only increase the attractiveness of this part of the city but also raise property values ​​and rental yields – also for public owners, including the city.

Warsaw needs a high street that will become a benchmark for other promising retail locations in the city. We have good examples in the capital – Mokotowska Street and Plac Trzech Krzyży – but it is Nowy Świat, with its recognition and symbolic significance, that should set the standard for others.
Ewa Derlatka-Chilewicz, head of research, Cushman & Wakefield

Europe

London led the growth in Europe, with double-digit growth recorded on New Bond Street, Regent Street and Oxford Street. Budapest's Fashion Street stands out from the rest of the region, with a 33 pct increase, supplanting Váci utca as the city's most popular retail location. Milan and Paris have maintained their global status, with rents stable on Via Montenapoleone and the Champs-Élysées. Prime retail locations continue to outperform the market overall, demonstrating resilience in the face of economic uncertainty and changing consumer behaviour. Interest rates remain high, but inflationary pressures are easing, and central banks have room for further cuts. These factors—combined with stabilising consumer sentiment, real wage growth, and a recovery in global tourism—will have a positive impact on the retail sector next year.

Prime retail corridors are benefiting from a convergence of factors including resilient economic growth, easing cost of living pressures, and a renewed appetite for discretionary spending. While growth trajectories will vary by market, the strength of flagship locations is clear. We’ve seen exceptional double-digit rental growth in select cities, even as others face pressure. The continuing importance of physical retail, particularly for deep and meaningful brand engagement in places where consumers want to be, reinforces the enduring appeal of the world’s premier shopping streets and we expect this momentum to strengthen as global conditions improve.
Dominic Brown, head of international research at Cushman & Wakefield, the author of the report