{"id":104635,"date":"2015-11-22T19:30:06","date_gmt":"2015-11-22T17:30:06","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=104635"},"modified":"2015-11-20T16:32:46","modified_gmt":"2015-11-20T14:32:46","slug":"most-expensive-shopping-centres-in-south-africa-vs-the-world","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/trending\/104635\/most-expensive-shopping-centres-in-south-africa-vs-the-world\/","title":{"rendered":"Most expensive shopping centres in South Africa vs the world"},"content":{"rendered":"

A new report lists the most expensive high streets and\u00a0shopping centres in the world, according to rental rates per square foot.<\/span><\/p>\n

The 27th edition of Cushman & Wakefield\u2019s report<\/a>: Main Streets Across The World, tracks over 500 of the top retail streets according to their prime rental value.<\/p>\n

“Our latest results show that rents have risen in 35% of streets around the world \u2013 despite the increased global uncertainty experienced over the last 12 months,” the report said.<\/p>\n

New York\u2019s 5th Avenue retained its position as the most expensive global retail location. By the second quarter of 2015, rents reached US$3,500\/sq.ft\/year, a year-on-year to June 2015 increase of 3.6%.<\/p>\n

5th Avenue is ahead of Causeway Bay in Hong Kong, by some distance, with the Champs-Elys\u00e9es in Paris, placed third.<\/p>\n

In South Africa, Cape Town’s V&A Waterfront beats Sandton City in Joburg to the most expensive retail area.<\/p>\n

“In South Africa retail rents in key cities, both along high streets and in shopping centres have been stable over the last twelve months to June 2015,” the report said.<\/p>\n

The rising cost of utilities and fuel, coupled with the weakened rand are putting pressure on disposable income levels which, in turn, is impacting on retailers\u2019 performance, it said.<\/p>\n

“Those that stand to profit are brands that are positioning themselves in destination centres where footfall is supported by tourist numbers and those that are aligning their strategies and adopting a multi-channel approach in light of the growth of online shopping,” the report said.<\/p>\n

South Africa\u2019s richest retail areas<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n\n
#<\/th>\nStreet<\/th>\nCity<\/th>\nft.\/year<\/th>\n<\/tr>\n
1<\/strong><\/td>\nV&A Waterfront<\/td>\nCape Town<\/td>\n$110.2\/sq – R1,552
\n<\/strong><\/td>\n<\/tr>\n
2<\/strong><\/td>\nSandton City<\/td>\nJohannesburg<\/td>\n$91.8\/sq – R1,292
\n<\/strong><\/td>\n<\/tr>\n
3<\/strong><\/td>\nMenlyn Park<\/td>\nPretoria<\/td>\n$73.5\/sq – R1,035
\n<\/strong><\/td>\n<\/tr>\n
4<\/strong><\/td>\nThe Pavillion<\/td>\nDurban<\/td>\n$41.3\/sq – R579
\n<\/strong><\/td>\n<\/tr>\n
5<\/strong><\/td>\nClaremont<\/td>\nCape Town<\/td>\n$32.1\/sq – R450
\n<\/strong><\/td>\n<\/tr>\n
6<\/strong><\/td>\nSt. Georges Mall<\/td>\nCape Town<\/td>\n$27.6\/sq – R387
\n<\/strong><\/td>\n<\/tr>\n
7<\/strong><\/td>\nDurban Road<\/td>\nBelleville<\/td>\n$23.0\/sq – R323
\n<\/strong><\/td>\n<\/tr>\n
8<\/strong><\/td>\nWest Street<\/td>\nDurban<\/td>\n$23.0\/sq – R323
\n<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

According to the United Nations, 54% of the world\u2019s population resided in urban areas in 2014, which is up from 30% in 1950 and likely to increase further to 66% by 2050.<\/p>\n

Top 10 richest retail streets in the world<\/h3>\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n
#<\/th>\nStreet<\/th>\nCity<\/th>\nft.\/year<\/th>\n<\/tr>\n
1<\/strong><\/td>\nFifth Avenue<\/td>\nNew York<\/td>\n$3,500\/sq<\/strong><\/td>\n<\/tr>\n
2<\/strong><\/td>\nCauseway Bay<\/td>\nHong Kong<\/td>\n$2,399\/sq<\/strong><\/td>\n<\/tr>\n
3<\/strong><\/td>\nAvenue des Champs \u00c9lys\u00e9es<\/td>\nParis<\/td>\n$1,372\/sq<\/strong><\/td>\n<\/tr>\n
4<\/strong><\/td>\nNew Bond Street<\/td>\nLondon<\/td>\n$1,321\/sq<\/strong><\/td>\n<\/tr>\n
5<\/strong><\/td>\nVia Montenapoleone<\/td>\nMilan<\/td>\n$1,035\/sq<\/strong><\/td>\n<\/tr>\n
6<\/strong><\/td>\nBahnhofstrasse<\/td>\nZurich<\/td>\n$894.6\/sq<\/strong><\/td>\n<\/tr>\n
7<\/strong><\/td>\n\u00a0The Ginza<\/td>\nTokyo<\/td>\n$881.9\/sq<\/strong><\/td>\n<\/tr>\n
8<\/strong><\/td>\nMyeongdong<\/td>\nSeoul<\/td>\n$881.8\/sq<\/strong><\/td>\n<\/tr>\n
9<\/strong><\/td>\nKohlmarket<\/td>\nVienna<\/td>\n$478.2\/sq<\/strong><\/td>\n<\/tr>\n
10<\/strong><\/td>\nKaufinger \/ Neuhauser<\/td>\nMunich<\/td>\n$459.6\/sq<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

More on wealth<\/h3>\n

South Africa\u2019s top 10 richest suburbs<\/a><\/strong><\/p>\n

South Africa\u2019s most expensive addresses<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

A new report lists the most expensive high streets and shopping centres in the world, according to rental rates per square foot.<\/p>\n","protected":false},"author":10,"featured_media":104637,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[10809,26],"class_list":["post-104635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending","tag-cushman-wakefield","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/104635","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=104635"}],"version-history":[{"count":13,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/104635\/revisions"}],"predecessor-version":[{"id":104793,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/104635\/revisions\/104793"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/104637"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=104635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=104635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=104635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}