Paris Street in Prague: The Most Expensive Shopping Street in Central and Eastern Europe

Once again, Paris Street (Pařížská ulice) in Prague tops the list as the most expensive shopping thoroughfare in Central and Eastern Europe. According to a survey by the real estate consultancy Cushman & Wakefield, which compares nearly fifty countries worldwide based on the rent in retail spaces in each country’s most expensive shopping street, Paris Street ranks 19th globally.

The rent in Paris Street for the third quarter of this year is 2700 euros per square meter annually, or approximately 225 euros per square meter per month. It has outpaced the nearby Na Příkopě Street for the second year, which previously represented the Czech Republic in the rankings. The Czech Republic is repeatedly the only country from Central Europe to appear in the top twenty of the list.

“Paris Street in Prague has long been the primary target for luxury brands entering the region,” says Jan Kotrbáček, partner and head of retail leasing for Central and Eastern Europe at Cushman & Wakefield. He adds that the metropolis is a much-desired destination for luxury brands within Europe, and Paris Street creates a unique location for presenting luxury goods.

According to Kotrbáček, future development of this prime retail location will be aided by projects planned near the Vltava River, close to Miloš Forman Square and the Faculty of Law. The supply of retail space will increase by a fifth with new areas at the recently renovated Fairmont Golden Prague Hotel at Paris Street 30 and the newly restored dominant building at Paris Street 25. Both projects will offer over 3500 square meters of retail space.

Despite facing hard times during the pandemic last year, with higher inflation, rising interest rates, and slowing economic growth, the retail sector has proven its resilience. Luxury brands in the Czech market had 2019 as a record year in terms of turnover. According to Cushman & Wakefield, some luxury brands from Paris Street have surpassed pre-pandemic numbers this year.