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HK loses most expensive luxury shopping destination tag

Manhattan’s Upper Fifth Avenue is now the world’s most-expensive retail district, overtaking Hong Kong’s Tsim Sha Tsui district, while Italy’s Via Montenapoleone in Milan came third in a survey by commercial property firm Cushman & Wakefield. London’s New Bond Street slides one place to fourth, with average rents down 11%, while the Avenue des Champs Elysees in Paris came in fifth after rents fell an average 18%. Tsim Sha Tsui overtook Hong Kong’s Causeway Bay district as the city’s most expensive retail district. The survey tracks the top retail districts across 92 cities and ranks the priciest by prime rental value. While Hong Kong has removed its most onerous pandemic curbs, including hotel quarantine and flight bans, visitors are still subject to a series of restrictions and Covid tests.

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