With retailers under increasing pressure from online competitors, crippling rents are frequently a major cause of financial issues.
For retailers in Canada, operating from stores on the top shopping streets looks relatively affordable compared to some global peers; although three Canadian cities rank among North America’s most expensive.
The annual rankings of Main Streets Across the World from Cushman & Wakefield puts Hong Kong’s Causeway Bay firmly at the top of the most expensive.
The Chinese special region’s top retail street saw rents rise 2.30% in Q2 2019 to an eyewatering $2,745 per square foot, $500 dollars more than second-placed Upper 5th Avenue, New York.
London’s New Bond Street ($1,714 psf), Avenue des Champs-Élysées in Paris ($1,478), and Milan’s Via Montenapoleone ($1,447) complete the top 5.
Canadian cities do not rank in the top 20.
But when looking at the stats for North America, led by New York’s Upper 5th Avenue; Canada has three cities inside the top 10 most expensive.
Toronto’s Bloor Street is in 6th place - behind New York, San Francisco, Chicago, and Miami - at U$206 per square foot.
Vancouver’s Robson Street ranks 7th with rent for retail space of $153 psf; and Montreal’s Saint-Catherine West is 10th at $134 psf.
Canada also boasts the most affordable retail rent in North America though; Calgary’s 17th Avenue SW at $29 psf.