Grafton Street now the fifth most expensive shopping spot in the world

DUBLIN’S Grafton Street has surged ahead of London and Tokyo as one of the most expensive shopping locations in the world.

It jumped two places to take fifth spot in the latest Cushman & Wakefield’s index which provides a global barometer of the strength and popularity of shopping streets in 48 countries.

New York’s Fifth Avenue is the world’s most expensive shopping street where retailers can expect to pay rents of €12,612 per square metre a year, an increase of 23% on 2007.

Retailers on Grafton Street will pay €5,621 per square metre of space a year, an increase of 5.3%.

Streets in Hong Kong, Paris and Milan make up the rest of the top five but London and Tokyo have dropped down to six and seven respectively.

Dublin was the “best” performer in the top 10, rising two places in the ranking to enter the world’s top five most expensive streets for the first time.

Executive director at Cushman & Wakefield, Gene Spiegelman said: “As we close 2008, we anticipate retailers will critically assess substantial rent and capital commitments but will continue to exploit the value of limited prime main street positions.”

Head of global retail with &the firm, John Strachan said: “For luxury and high end retailers, a presence on the most prestigious streets is deemed essential for brand positioning, sometimes regardless of how profitable a store might be. Such brand profile helps to drive revenue through other channels, such as the internet.”