Sofia's Vitosha Ranked 59th among World's Most Costly Shopping Streets

Bulgarian capital Sofia's fashion Vitosha boulevard has retained its 59th spot in a ranking among the world's most expensive shopping streets, according to letting agents Cushman & Wakefield's Main Streets Across the World report.
Last year Vitosha dropped seven spots in line with a trend, which has been going since 2009 when the crisis dealt its first hard blows, but this year its ranking remains unchanged.
The Vitosha boulevard has become less attractive due to the recent repair works taking place there, as well as the abundance of newly-built shopping malls in Sofia.
In the latest Cushman & Wakefield's report rental levels on Vitosha Street per square meter stand at last year's levels - EUR 480.
The report points out that with interest focused on Sofia, the big international and domestic retailers remained active and new international brands entered the Bulgarian market.
“The retreat of some of the banks and telecoms from main street locations, coupled with the weakness of some of the local fashion retailers, has created the right conditions for international brands not yet present on the high street. Strong interest is reported in the prime shops that are being vacated on Vitosha Boulevard as a result of the street’s turnaround as a fully pedestrian area.“
According to Cushman & Wakefield Saborna Street in Sofia is the premier luxury location in the country, with Lege Street an emerging area.
Luxury retailers pay a premium over the typical rent for prime space but occupy a relatively small area of the overall market, it adds.
Causeway Bay, Hong Kong continues to be the world's most expensive shopping street, beating Fifth Avenue, New York.

Source: http://www.novinite.com

14.11.2013, Interesting