SEOUL, November 16 (Korea Bizwire) – A new report has revealed that Myeongdong is the 8th most expensive place for commercial rents in the world, following the likes of Fifth Avenue in New York and Causeway Bay in Hong Kong.
Global property consulting firm Cushman & Wakefield named Myeongdong, one of the biggest shopping districts in the South Korean capital, as the 8th most expensive retail zone in the world in its annual report Main Streets Across the World 2017.
The report lists over 480 shopping districts in 68 countries around the world, with New York’s Fifth Avenue, which boasts a wide range of stores including Apple’s flagship store, topping the chart as the most expensive place in the world to rent commercial property.
The cost of one square foot of real estate for commercial use on Fifth Avenue last year was $3,000, while Causeway Bay in Hong Kong ranked second with an average rent per square foot of $2,725.
London’s Bond Street jumped to third place last year as the weak pound boosted sales of luxury brands, reaching an average per square foot rent price of $1,720, with a 30 percent increase in commercial rents.
Upscale shopping street Via Monte Napoleone in Milan and the Champs Elysées in Paris followed close behind.
In Asia, three shopping districts ranked in the top 10, including Causeway Bay, Ginza in Tokyo and Myeongdong.
Despite China’s ban on group package tours to South Korea over political issues, last year’s report compiled by Cushman & Wakefield shows Myeongdong managed to stay among the top in terms of rents.
“Global brands often consider Myeongdong and Gangnam as the most important flagship shopping districts when branching out into the South Korean market,” said Kim Sung-soon, an official from the South Korean unit of Cushman & Wakefield.
Recently, British drugstore giant Boots opened its first flagship store in South Korea in Myeongdong.
“With the relations between South Korea and China starting to get back on track, the return of Chinese tourists is expected to contribute to the recovery of the South Korean retail industry,” Kim said.
Hyunsu Yim (email@example.com)