New York has the world's most expensive shopping street

The upper section of New York's Fifth Avenue overtook Hong Kong’s Causeway Bay area, and become the world's most expensive shopping area on the basis of rents – Cushman & Wakefield sudy reveals.

According to the latest report from property services firm Cushman & Wakefield rents reached a record $3,500 a square foot a year – making Fifth Avenue the world’s costliest retail destination beating last years' winner – Hong Kong’s Causeway Bay.

Hong Kong's most expensive street saw rents fall by 6.8 per cent in the last year which was blamed on a slowdown in demand since the Chinese government crackdown on lavish spending hit the perfomance of luxury goods brands. (MTI)