Hong Kong’s Causeway Bay retains first place in global ranking of most expensive shopping streets

Hong Kong’s Causeway Bay has retained its crown as the world’s most expensive shopping street, followed by New York’s Upper 5th Avenue and London’s New Bond Street, according to new data from Cushman & Wakefield.

“The Hong Kong retail market has come under growing pressure from local social unrest that has led to a sharp drop in tourist arrivals and retail sales, as well as interruptions to retailer operations, especially during weekends. As a result, retail rents have fallen across all submarkets in recent months, and the outlook for the remainder of the year is muted,” said Kevin Lam, executive director, head of retail services, Hong Kong at Cushman & Wakefield. “However, some retailers see the current market correction as a rare opportunity to return to the high street, and we therefore expect some adjustment in retail trade mix. In particular, trades that focus on mass-market demand and local consumption, such as the education, lifestyle and sports