Grafton St rents among world's dearest

Luxury stores on Dublin’s Grafton street are paying the fifth dearest retail rents in the world, a survey showed today.

Upmarket outlets such as Brown Thomas, and Pia Bang sit alongside jewellery institution Weirs and pay some of the dearest rents in the world in the battle to reel in lavish shoppers.

Shop floors in the area are now more costly than the likes of Moscow, Sydney and Seoul.

The city centre shopping avenue leapt five places to 5th position, while Tokyo’s main high street, Ginza, moved up six places to number nine on the global rental list.

David Hutchings, CWBH head of research, claimed many of Europe’s key retailers were wakening up to the increasing affluence of Ireland.

“Shopping has gone global. A new league of super destinations has sprung up, and the top names in retail don’t want to miss out on not being there – whether it’s Buenos Aires, Bangkok or Bucharest,” he said.

The Asia/Pacific region also showed the biggest regional increase in rents.

The survey, Main Streets Across the World 2004, shows retail rents in the top 229 shopping locations across 45 countries around the world.

The report also revealed rents increased in two-thirds of areas surveyed, while only around 10% of areas recorded a drop.

World’s most expensive shopping streets;

:: City, Street, Rents per sq m per year

1. New York, Fifth Ave, €8,406

2. Paris, Champs Elysees, €6,287

3. Hong Kong, Causeway Bay, €5,036

4. London, Oxford Street, €4,573

5. Dublin, Grafton Street, €3,372

6. Munich, Kaufingerstrasse, €2,940

7. Moscow, Tverskaya, €2,877

8. Sydney, Pitt Street Mall, €2,835

9. Tokyo, Ginza, €2,752

10. Seoul, Myeongdong, €2,664