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Nowy Swiat among prestige retail sites

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Warsaw's Nowy Swiat Street ranks 68th among the world's most expensive shopping streets in terms of monthly rent for retail space, according to a study by consulting firm Colliers International.

New York's Fifth Avenue remains the most expensive place to open a store, followed by the Champs-Elysées in Paris and Moscow's Tverskaya, according to Colliers International. The study covered 133 shopping streets around the world.

Renting space on New York's Fifth Avenue costs an average $1,500 per square meter per month. Owners of buildings lining Paris's Champs Elysées can expect to collect $1,300 per month. Rents on Moscow's Tverskaya Street are not much lower than in Paris. Further down the list is London's Bond and Oxford streets, with monthly rents of $1,000-$1,200 per sq m. Compared with these exclusive locations, Warsaw's Now ¦wiat is relatively inexpensive, at $142.

Compared with other capitals around the world, Warsaw has huge potential in terms of rent increases in the most attractive locations. This potential will be put to use slowly but surely. Trendy and expensive shopping streets in London, New York City and Paris have been there for decades, whereas in Poland attractive boutiques have only just begun to spring up and prestigious brands are starting their expansion in a trend that will intensify as the number of affluent buyers increases. Things will look similar in Prague, Kiev, Sofia and Budapest, cities where the number of wealthy customers is growing continually. The trend will persist even if there is a recession, as the market for luxury goods is characterized by stable demand.

In Central and Eastern Europe, Warsaw's Nowy Swiat ranks behind Prague's Na Prikope Street, where the average monthly rent is $347.50, Belgrade's Kneza Mihaila Street ($316), and Budapest's Váci Street and Bucharest's Magheru-Balcescu Boulevard, where the average rents stand at $252.

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Source: the Warsaw Voice


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