For the very first time, the Czech Republic has ranked in the top twenty most expensive shopping streets in the world.
Na Příkopě advanced to the 19th spot in this year’s ranking. The average monthly rental per square metre is almost six thousand crowns. The results come from a study conducted by Cushman & Wakefield.
Cushman & Wakefield annually evaluates 446 of the most popular shopping destinations in 65 different countries. The ranking lists the most expensive shopping streets in each country. According to this study, the average monthly rent per square metre on Na Příkopě street amounts to 230 euros (about 5980 CZK), up by five percent from the previous year.
The most expensive street in the world is Hong Kong’s Causeway Bay, followed by the upper part of Fifth Avenue in New York. In third place was New Bond Street in London, which is the most expensive street in Europe. The annual rent on Na Příkopě amounts to about one-tenth of the rent on Fifth Avenue. “Among the most expensive streets in the Czech Republic are Na Příkopě and Pařížská Street. While Pařížská is the destination of luxury brands, Na Příkopě is a significant street from the point of view of tourism, frequency of people passing through, and location within the historical city centre of Prague. Its target group is considerably wider. We can find here both high street brands and higher-end brands,” the report states.
According to Cushman & Wakefield’s partner, Jan Kotrbáček, Na Příkopě is the most important shopping area in the Czech Republic because of its strategic location, well-earning merchants, and a lot of incoming tourists and locals. “But the street’s potential is far from exhausted. In the near future, the attractiveness of the area will be further increased as a result of new projects, particularly the reconstruction of Savarin,” added Kotrbáček.
In the future, Kotrbáček expects the retail environment on Wenceslas Square and around Národní Street to improve significantly. “The most significant change will be the overall revitalization of the lower part of Wenceslas Square, in particular the Savarin project, which is the construction of a new multifunctional Wenceslas Square 47 with substantial retail space. The retail environment will also be supported by the recently completed revitalization of the National Museum, which has been very successful,” he added.
Author: Holly Webb