News Article Cushman&Wakefield Czech Republic Prague report survey
by Property Forum | Report

In this year's 33rd edition of the Cushman & Wakefield Main Streets Across the World ranking, the Czech Republic ranked 19th. The survey compares nearly 50 countries around the world by the level of retail rents on the most expensive shopping street in each country, and for the second time the Czech Republic is represented by Paris Street. It ranks 19th among the world's most expensive shopping streets, 11th in Europe and first in the CEE region. The highest rent achieved in Pařížská, as of the third quarter of this year, is €2,700 per sqm per annum, i.e. approximately €225 per sqm per month. 

Jan Kotrbáček, Partner and Head of Retail Leasing Central and Eastern Europe, Cushman & Wakefield says: "Pařížská Street in Prague has long been a primary destination for luxury brands entering the region within Central and Eastern Europe. Every year we witness the opening of a store of one of the world's luxury brands - last year it was Chanel, Balenciaga and ALO Diamonds, this year Polo Ralph Lauren and Jimmy Choo. Prague is a very desirable destination for luxury brands within Europe and Paris Street creates a unique location for the presentation of luxury goods. This street and its surroundings are by far the nicest, most compact luxury destination in Central Europe and has the widest range of brands represented." 

Further development of this prime retail location will be aided by the implementation of major projects in an attractive area on the banks of the Vltava River near Miloš Forman Square and the Faculty of Law. The supply of retail space there will be expanded by a fifth thanks to new space in the newly renovated Fairmont Golden Prague Hotel at Pařížská 30, Prague's most luxurious hotel, and in the newly renovated landmark building at Pařížská 25.

This is the second time that Pařížská Street has been included in the ranking; this year it has also overtaken Na Příkopě Street, which has represented the Czech Republic in previous years, in terms of retail rents. The Czech Republic is repeatedly the only CEE country to appear in the top 20.

The USA won globally, Italy won in Europe and the Czech Republic won in CEE.

There were no significant changes at the top of the ranking this year compared to the previous year either: the USA remains in first place with Upper 5th Avenue, where retail rents amount to €20,384 per sqm per year, or almost €1,700 per sqm per month. Second is Italy, whose Via Montenapoleone is repeatedly the most expensive shopping avenue in Europe. Hong Kong's Tsim Sha Tsui is next, London's New Bond Street is fourth, and the top five is rounded off by Paris' Avenue des Champs-Élysées. The CEE region has long been dominated by the Czech Republic, with Hungary coming next, with Vaci utca in the 30th position.