New Bond Street has overtaken Oxford Street for the first time in 20 years as the UK's most expensive street to rent a shop, research shows.
Oxford Street was the UK's most expensive street for 20 years
Demand for the prestige of a New Bond Street flagship store and Mayfair address has fuelled a 25% rise in annual rents to £3,800 per sq metre.
This places it fourth in the report of the Main Streets Across the World 2005.
New York's Fifth Avenue is top followed by Hong Kong's Causeway Bay and Avenue de Champs Elysees in Paris.
"A growing number of global brands are vying for limited space on the pavements of the world's top shopping destinations, whether Paris's Avenue de Champs Elysees or London's New Bond Street," said Darren Yates, head of market analysis at Cushman and Wakefield which carried out the research.
"This in turn is pushing up rents."
Oxford Street's fortunes as a retail Mecca have suffered recently as out-of-town shopping centres lure trade away while shoppers have been deterred by July's London bombings.
This has all come during an overall fall in consumer spending.
In October, Oxford Street was closed off to traffic to make way for a free party lining up pop stars, big-name DJs and fashion shows designed to coax shoppers back.
New Bond Street, located just off Oxford Street, is home to art galleries, designer stores including Nicole Fahri, Calvin Klein and Ralph Lauren, as well as exclusive luxury shops.
In 2004, Oxford Street came fourth in the league, which ranks the most expensive retail streets around the world.