HONG KONG — Tsim Sha Tsui, one of Hong Kong’s most iconic shopping destinations, has been ranked the world’s fourth most expensive shopping district in 2024, dropping one spot from the previous year due to rising shop vacancies. Despite the slip, it remains the most luxurious retail hub in the Asia-Pacific region.
According to a report released on Thursday by Cushman & Wakefield, a global real estate services company, rents in Tsim Sha Tsui rose by 7% from 2023, reaching US$1,607 per square foot in 2024. The district continues to be a popular haven for tourists and shoppers seeking high-end fashion and luxury goods.
However, New Bond Street in London has overtaken Tsim Sha Tsui in the rankings, climbing to fourth place after experiencing a 13% rise in rents over the past year. The London street’s rents now stand at US$1,762 per square foot, surpassing the Hong Kong district’s rents for the first time in recent years.
Despite the challenges posed by shop vacancies, Tsim Sha Tsui’s status as a top global retail destination remains firmly intact, continuing to draw both local and international shoppers with its premium shopping experience.
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