Ermou Street in downtown Athens has re-entered the top 20 most expensive retail streets in the world, according to Cushman & Wakefield’s 2017 Main Streets Across the World retail report. With a rent of 2,640 euros per sq. m annually, or €220 per sq m. the most expensive shopping street in Greece this month, Ermou Street has regained its spot among the most lucrative shopping streets, with New York’s Upper 5th Avenue district topping this year’s list with an impressive figure of €28,260 per sq m. per annum, followed by Hong Kong’s Causeway Bay with €25,670 per sq m, while New Bond Street in London, Via Montenapoleone in Milan and Avenue des Champs-Elysées in Paris complete the top five.
This year’s 29th edition examines retail rental prices on 451 key commercial streets in 68 countries around the world, in the largest, populated cities by country.
Compared to 2016, Ermou Street climbed six places this year to rank 19th in the list from 25th spot last year and 27th in 2015. Last year, the annual rent on the most expensive shopping street in Greece was calculated at €2,340 per sq. per annum or €195 per sq m. the month.
Prior to the 2008 economic crisis, Ermou street was the 10th most expensive retail street in the world.
According to Cushman & Wakefield, who collaborate with Proprius in Greece, rent increases were recorded not only in Ermou, but also in other commercial streets. Apart from Ermou, where the rise was 12.8%, Metaxas in Glyfada was up by + 4.3%, Kolokotronis in Kifissia + 4.5% and Sotiros in Piraeus 7.1%. An increase of 3.8% was also recorded since the beginning of 2017 for rents of upper-class stores in Thessaloniki, on Tsimiski Street.
This year’s Cushman survey highlights the rise in rentals despite the growing share of online sales. Indeed, out of the 451 commercial areas examined, the 136 had a record rise, with global rents rising to 0.5% in the first half of 2017, with only 90 purchases declining.
On-line stores increase sales of the flagship store. The share of purchases from tourists in large commercial areas is also rising, while the new stores being launched focus on food, lifestyle and well-being.