Prague’s Na Příkopě street advanced to the 19th place in the ranking of most expensive shopping streets, based on rent, according to a study by consultancy Cushman & Wakefield. This is the first time Na Příkopě made it into the top 20. In the previous ranking, it was in 22nd place.
The average monthly rent per square meter in Na Příkopě street amounts to 230 euros, or just under Kč 6,000, an increase of 5 percent year-on-year.
The most expensive street worldwide was Causeway Bay in Hong Kong, returning to the top spot after five years, and the upper part of Fifth Avenue in New York City dropped to second.
New Bond Street in London was the most expensive street in Europe, and third in the global ranking.
Cushman & Wakefield annually evaluates 446 of the most popular shopping destinations in 65 countries each year. The ranking lists the most expensive street in each country.
The report states that Na Příkopě and Pařížská streets are the most expensive in the Czech Republic. Pařížská is a destination for luxury brands, while Na Příkopě is significant to due to tourism, and its target group is significantly wider. Due to good results from existing tenants and high interest from standard and premium global brands, rents grew year on year.
An important factor for determining rental rates is the location of the unit within the street and the size of the display area. The most attractive business areas include corner units or iconic spaces. For rental of such spaces, the owner may require above-average rents.
New brands recently came to Na Příkopě streets, such as Tous, Vapiano and Swarovski. H&M in the Myslbek building expanded and renovated its premises to create a flagship store for the Czech Republic, the report stated.
"We now see Na Příkopě as the most important shopping street in the Czech Republic due to its strategic location, well-performing retailers and its use by both tourists and locals. But its potential is far from exhausted. In the near future, the attractiveness of the whole area will continue to grow as a result of new projects, the most important of which is the renovation of Savarin,” Jan Kotrbáček, Cushman & Wakefield’s partner and head of the retail real estate rental team in Central and Eastern Europe, said in a press release. Savarin is a large historical palace on the street that will be joined with other buildings behind it and connecting to Wenceslas Square.
“We expect improvement of the retail environment in Wenceslas Square and in the vicinity of Národní. The most important will be the overall revitalization of the lower part of Wenceslas Square, mentioned by the Savarin project, the construction of the new multifunctional Wenceslas Square 47 with a significant retail space. Retail will also support the recently completed revitalization of the National Museum, which is very successful,” he added.
The Cushman & Wakefield report is in its 30th edition this year. In the first edition of the report in 1988, the most expensive street in the world was New York's East 57th Street with a rent of $425 per square foot per year.
The most expensive shopping streets in the world by country:
1. Causeway Bay, Hong Kong
2. Upper 5th Avenue, New York City, USA
3. New Bond Street, London, UK
4. Avenue des Champs-Élysées, Paris, France
5. Via Montenapoleone, Milan, Italy
6. Ginza, Tokyo, Japan
7. Pitt Street Mall. Sydney. Australia
8. Myeongdong, Seoul, South Korea
9. Bahnhofstrasse, Zurich, Switzerland
10. Kohlmarkt. Vienna, Austria
19. Na Příkopě, Prague Czech Republic
