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Pitt Street and Bourke Street Malls Secure Leading Positions

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It may not be much longer than 100 metres, but with the arrival of the world’s largest LEGO store, Sydney’s Pitt Street Mall has held its position as one of the top 10 most expensive retail strips globally to rent a store.

Based on rents per capita and currency movements, the mall beat London’s Sloane Street, the main Las Vegas boulevard and Shanghai’s West Nanjing Road. Melbourne’s Bourke Street has maintained its top 20 spot, outpacing China’s populous Shenzen city.

Shoppers in Pitt Street Mall in Sydney, where retailers paid the highest rents.Credit: Renee Nowytarger

The streets remain popular destinations despite consumer spending being tight, interest rates at high levels, and a shift in shopping patterns.

In the latest Cushman & Wakefield’s flagship Main Streets Across the World report, based in euros on a per-square-metre per-annum basis, the average rent along Pitt Street Mall is $A12,695 (€7612), which is a drop of 24 per cent covering the pandemic years to 2022. Compared to a year ago there was no change.

That puts Sydney at number eight globally and fifth in Asia Pacific, and above Myeongdong in Seoul, South Korea and Vienna’s Kohlmarkt. New York’s Upper Fifth Avenue, from 49th to 60th Streets, holds the number-one slot globally, with Via Montenapoleone in Milan second and Tsim Sha Tsui in Hong Kong in third place.

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On a $US basis per square-foot basis, including currency movements, the average rent is equal to $1138.16 ($US747). The strip, which runs between King and Market streets, has undergone significant change with the arrival of LEGO, a car dealership and a supermarket, alongside fast fashion and Westfield Sydney.

The survey was first launched in 1988 and tracks the top retail streets across 92 cities, and ranks the most expensive by prime rental value using Cushman & Wakefield’s data.

Report author and head of international research for Asia Pacific, Dr Dominic Brown, said Asia Pacific’s traditional prime retail destinations have continued to command strong rents, accounting for four of the top 10 most expensive locations globally.

(The following story may or may not have been edited by NEUSCORP.COM and was generated automatically from a Syndicated Feed. NEUSCORP.COM also bears no responsibility or liability for the content.)

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