Greece jumps 6 places on list of most expensive retail strips
Greece has climbed 6 places on a list of the world’s most expensive retail streets put together by Cushman and Wakefield.
On a list of 68 countries, Ermou street in central Athens ranked in 19th position number, versus 25th position last year with the annual cost of rent per square at 2,640 euros, showed the report prepared by Cushman and Wakefield.
Topping the list is New York’s Upper Fifth Avenue (28,262 euros per square meter annually) followed by Hong Kong’s Causeway Way (25,673 per square meter annually).
With the retail sector in many parts of the world undergoing major changes due to increasing trade on the internet, Greece’s store owners have been shielded from these shifts, up until now.
“Greek high streets have historically been protected from e-commerce by low online penetration rates, although this is now changing as consumers have become more sensitive to price,” says the report.
Another big mover on the list is Cyprus’ Ledra Street (Nicosia) which rose to 48th position from 55th place last year, with rent per year costing 600 euros per square meter.