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Sofia Malls Eat up Fashion Stretch Standing

Date: 30.10.2006

Sofia's most acclaimed fashion venue - Vitosha Boulevard - is suffering the blows of harsh competition coming from the newest shopping and entertainment malls in the city.

The openings of the Mall of Sofia, City Center Sofia and Sky City have eaten up the rent prices for shops along Vitosha Blvd, thus making fashion trade more affordable for customers.

According to the annual ranking of the World's Most Expensive Shopping Streets prepared by property consultants Cushman & Wakefield, the Sofia spending spree street falls behind by six places from its 2005's 22nd seed.

Unlike last year's EUR 1,560 per square meter, Vitosha's average rent has dropped by 7% reaching EUR 1,440 per square meter.

The Sofia spot shoulders Budapest's shopping site Vatsi Utsa, followed by Bucharest's Mageru.

New York's 5th Avenue has retained its top position as the world's most expensive shopping street in the world with EUR 11,364.

Next come the Hong Kong Causeway Bay (EUR 9,544), the Avenue des Champs Elysees in Paris (EUR 6,775) and London's New Bond Street (EUR 5,667).

The biggest riser is the Indian capital of New Delhi, with the most expensive location being Khan Market,gone up 17 places to now be in 24th place.

Main Streets Across the World 2006 tracks retail rents in the world's top 233 shopping locations across 47 countries around the world. The report's global league table is drawn up by taking the most expensive location in each of the countries monitored.

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