The lure of London for luxury shoppers has tightened its pull in recent months, driven by a combination of its core characteristics and short-term boosts related to the U.K.'s vote to leave the European Union.
Prime retail rents in London soared by an eye-watering 53.8 percent annual rate to the end of June, according to a report released this week by real estate services group CBRE, the highest of any of the 90 global markets tracked.
This leaves London in third place in the most expensive prime retail markets with rents costing an average $1,684 per square foot per year, behind Hong Kong at $1,856 and New York at a stratospheric $4,000.
Nonetheless, as Chinese shoppers have reined in their trips to Hong Kong and locals have tempered their spending, London has been catching up to its second-placed rival which saw a one-third tumble in prime rental values in the past year.
And this gap may keep shrinking, according to Hugh Radford, chairman of central London retail at CBRE, who believes the appeal of London's finest retail sites is unlikely to diminish any time soon.