The famous shopping street beat out international haunts like London's Bond Street and Hong Kong's Tsim Sha Tsui district.
’s Tsim Sha Tsui district, the former title holder, fell to number two on the list, as the city’s retailers saw a 41 percent decrease in rents from pre-pandemic levels. Hong Kong’s luxury shops have also struggled to recover in no small part to the country’s travel restrictions, which have discouraged shoppers from abroad. While the Chinese government has relaxed its hotel quarantine policies, foreign travelers are still subject to multiple coronavirus tests.
Beyond rental rates, New York City has managed to lure shoppers back to its stores at this stage of the pandemic. That resilience, coupled with a strong US dollar, helped nudge Fifth Avenue to the top of the annual list. In Europe, results have been mixed.
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