In its Great Britain Retail Report, Colliers said shop rents at the Canary Wharf development in east London were the best performers in the year to June 2009, rising 11.7% from £300 to £335 per square foot. Rents in Old Bond Street increased 3.4% over the same period to a record £750 per square foot.
David Kenningham, executive director of retail at CB Richard Ellis, the commercial property consultant, said: “The unique mix of retailers in central London has made it a key destination for tourists and local shoppers alike.”
Martin Thomas of Jones Lang LaSalle, another consultant, said: “Demand, particularly in the prime pitch between Asprey and Tiffany, never fails to surprise me.”
The record rent of £750 per square foot, set in March, is paid by Bulgari, the Italian jeweller and luxury goods retailer.