Hong Kong has lost its crown for having the world’s priciest retail district by rent to New York, after the city’s economy was hit by visitor restrictions and strict Covid measures as part of its slow recovery from the pandemic.
Manhattan’s Upper Fifth Avenue is now the most expensive street globally for luxury shopping, according to the first survey since 2019 by commercial real estate consultant Cushman & Wakefield. Hong Kong’s Tsim Sha Tsui (TST) district in Kowloon ranks second.
In the latest rankings, London’s New Bond Street slipped behind Milan’s Via Monte Napoleone, ranked as the fourth and third priciest districts in the world respectively.
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