Three shopping areas in the Asia-Pacific region, including Hong Kong, Tokyo, and Seoul, are listed among the top 10 retail locations with t...
Three shopping areas in the Asia-Pacific region, including Hong Kong, Tokyo, and Seoul, are listed among the top 10 retail locations with the highest rental prices worldwide, according to a new study.
Hong Kong's Tsim Sha Tsui area came in fourth worldwide and topped inAsia-Pacificat a rate of US$16,020 per square meter annually, as stated in the Main Streets Across the World 2025 report from property advisory firm Cushman & Wakefield.
The study utilized the consultancy's exclusive data and analyzed top-tier rental rates in 141 major city locations across the globe, several of which are connected to the high-end retail industry.
John Siu, the managing director at Cushman & Wakefield Hong Kong, stated to theSouth China Morning PostThat Tsim Sha Tsui's position "indicates the continuous increase in visitors coming to Hong Kong, along with the government's active initiatives to encourage tourism and develop a 'mega-events economy,' which have facilitated higher tourist expenditure and enhanced leasing activity by retail brands in top street locations."
Hong Kong's retail sales started to rebound in May following over a year of downturns, according to official data, as increased tourist visits and higher local consumer spending contributed to the improvement.
The city experienced a 5.9% increase in retail sales in September compared to the previous year, while visitor numbers surged by 12% year-on-year, reaching 41 million during the first ten months of this year.
Tsim Sha Tsui attracts many visitors and was once the highest-ranked location in 2021.
The Ginza shopping area in Tokyo ranked sixth, with yearly rents amounting to $13,295 per square meter, reflecting a 10% increase compared to the previous year, as stated in the report.
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| Individuals are crossing a pedestrian walkway in the Ginza shopping area on March 31, 2023, in Tokyo. Image courtesy of AP |
Renowned for its refined shops and attentive service, the neighborhood offers a shopping experience influenced by Japan's emphasis on artistry and aesthetics. It attracts international visitors as a place where high-end shopping is deeply connected to local traditions, according toTravel And Tour World digital magazine.
Seoul, South Korea's Myeongdong ranked ninth, with annual rental prices reaching $6,910 per square meter, marking a 1% increase from the previous year.
The retail district attracts millions of international visitors annually and is recognized for its dynamic blend of fashion-forward shops, high-end boutiques, and vibrant street food scene.
Kim Seong-sun, the deputy managing director at Cushman & Wakefield Korea, characterized the region as "a top-tier urban transportation system paired with a wealth of hotel and office facilities, creating a strong foundation for demand that includes both local and international travelers as well as business professionals."
"Myeongdong is the top large-scale shopping area in Korea driving the K-culture and K-wave," Kim said, as reported byChosun Biz.
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| Tourists visit the Myeongdong shopping district in Seoul, South Korea, on August 6, 2025. Photo courtesy of Xinhua via AFP |
In the global list, London's New Bond Street came first with a price of $23,603 per square meter, followed by Via Montenapoleone in Milan, Italy, at $23,048.
New York's Upper 5th Avenue ranked third with a price of $21,154 per square meter, while Paris' Avenue des Champs Elysées, priced at $14,425, completed the top five.
The report stated that rental prices increased by 4.2% globally during the last year, a bit less than the 5% rise recorded in the previous year, yet significantly higher than the rate of global inflation.
High-end retail locations have experienced strong rent increases and continued to be the top choices for retailers despite rising economic instability, according to the report.
Dominic Brown, the report's writer and head of international research at Cushman & Wakefield, anticipated a rise in activity as global circumstances became better.
"Key shopping areas are reaping the benefits of a combination of elements, such as strong economic expansion, decreasing financial burdens, and a revived interest in non-essential purchases," he stated.
The ongoing significance of in-person retail—especially for creating substantial and meaningful brand interactions in locations where customers prefer to be—supports the lasting charm of the world's top shopping districts.
