Hong Kong Loses Top Ranking for Luxury Shopping to New York
- Rents in HK’s Tsim Sha Tsui fell 41% from pre-pandemic period
- Cushman & Wakefield’s annual survey is first since 2019
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Hong Kong no longer has the world’s most-expensive retail district after rents plummeted due to Covid curbs and restrictions on visitors.
Manhattan’s Upper Fifth Avenue is now the priciest street globally for shopping, according to a survey by commercial property firm Cushman & Wakefield Plc. Hong Kong’s Tsim Sha Tsui district comes second, followed by Italy’s Via Montenapoleone in Milan. The previously annual survey is the first since 2019.