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Mark of retail recognition

SHANGHAI and Beijing are among the top 50 retail strips in the world for the first time this year on high demand from domestic and overseas retailers, a leading real estate services provider said yesterday.

Retail rent on Nanjing Road W. in Shanghai rose to US$245 per square foot to settle in 37th spot compared with 58th last year, while rent in Beijing's Mall at CWTC climbed to US$196 psf to rank 50th, up from last year's No. 66, according to the latest Colliers International's Global Retail Highlights.

"Demand remains high in Shanghai as many major international and domestic brands continue to expand and new international brands, such as JYSK, Shirley's of Hollywood and Media Saturn, have decided to enter China this year," said Simon Lam, director of retail agency and advisory for Colliers' east China operations.

"This has ensured the asking rents in the city's major retail zones are level with rates from the second quarter of last year," he said.

After several upward moves, premier street-front rents in almost every region of the world dropped during the past 12 months, with declines in Asia being less severe.

Hong Kong's Russell Street in Causeway Bay is the most expensive retail spot in Asia and also the third in the world, with rent of US$1,192 psf. Ginza in Tokyo and Orchard Road in Singapore took Asia's second and third spots with premier street-front rents at US$590 psf and US$324 psf.


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