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Chinese retail strips hit top 50

SHANGHAI and Beijing have made it to the list of the world's top 50 retail strips for the first time, a leading international real estate services provider said today.

Retail rents in Nanjing Road West, Shanghai, rose to US$245 per square foot per year, snatching the 37th spot compared to last year's 58th ranking. The rents in the Mall at CWTC, Beijing, climbed to US$196, taking the 50th position, up from last year's 66th spot, according to Colliers International 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 make forays into China this year," said Simon Lam, director for Colliers' East China operation. "This has kept the asking rents in the city's major retail zones level with rates from the second quarter of last year."

After a string of upward moves, premier street-front rents in almost every region of the world moved decidedly lower during the past 12 months, with rental declines in Asia being less severe.

Russell Street in Causeway Bay in Hong Kong ranked the top in Asia, and the third in the world, with a rental rate of US$1,192 per square foot per year, followed by the Ginza in Tokyo and Orchard Road in Singapore, whose premier street-front rents stood at US$590 and US$324, respectively, according to the report.

The global recession has reduced demand for some of the world's most prime real estate with rents reducing by double digits in many markets and in some cases by half.
Some retailers, however, see now as an ideal time to expand, particularly into markets or locations previously viewed as too expensive or difficult to penetrate. And luxury retail is to make a comeback, if not in the next 12 months, then soon after, the report said.

Around the globe, New York's Fifth Avenue remained the most expensive retail street in the world, at US$1,400 per square foot per year, followed by Champs Elysees in Paris at US$1,203.


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