Where are watch businesses paying the highest rents?
London's Bond Street has emerged as the most expensive location for retail rents globally, experiencing a significant 22% increase over the past year. This rise is attributed to the opening of Europe’s largest Rolex boutique and the expansion of Patek Philippe’s salon, propelling it ahead of other luxury retail hubs like Milan’s Via Montenapoleone and New York’s Upper Fifth Avenue. The demand for premium retail spaces is growing as luxury brands respond to the evolving expectations of affluent clients seeking unique and memorable experiences. According to a report by Cushman and Wakefield, the retail landscape is undergoing a dynamic transformation, driven by data-informed decisions and a continuous quest for innovative customer experiences. While global rents have increased by an average of 4.2% over the last year, the competition for prime retail locations remains fierce, with emerging brands vying for space alongside established names. This ongoing competition has led to a pronounced rise in rents in select markets, highlighting the importance of securing a presence in iconic retail corridors for long-term success.
