Hong Kong's Queen’s Road Central amongst world's costliest retail streets

Canton Road, Causeway Bay also on the list.

International property consultant, Colliers International’s latest survey on global retail rents revealed that international and luxury brands are expanding into new markets, with properties located along high streets growing in popularity.

Out of the top 10 most expensive retail streets worldwide, 3 were from Asia – Queen’s Road Central, Canton Road and Causeway Bay in Hong Kong.

Retail sales in Hong Kong have rebounded from the lows of 3Q 2012 – with the arrival of a total of 12.5 million inbound visitors during the three-month period ending May 2013, an 11.8 per cent year-on-year increase. 

Mr Simon Lo, Executive Director of Research & Advisory | Asia, Colliers International, says, “In addition to the contribution by tourist spending, strong local private consumption is another factor underpinning the retail industry in Asia – especially in emerging markets such as China and the ASEAN countries, including Indonesia, Thailand and The Philippines, among others.”

He continues, “And because the Asian countries are facing a decentralisation trend, of which more people are moving away from core locations where living costs are now higher and places have become overcrowded, retailers are attracted to extend their locational coverage in order to capture the growing retail needs in the fringe urban areas.

This creates new opportunities for sustained development of the retail sector in Asia.”