Ermou Street in Athens ranks as the fourteenth most expensive shopping street worldwide, proving that brick and mortar shops are making a post-pandemic comeback.
During the COVID-19 pandemic, online shopping boomed. It generated billions of dollars in profits. Globally, these profits came to $26.7 trillion in 2020. Business earnings of companies such as Amazon, Spotify, Uber, Alibaba, and ebay sky-rocketed. Amazon’s gains increased by 220 percent just in 2021.
However, now that COVID-19 restrictions have ended, people are going out more again. As a result, real estate prices have escalated.
Most Expensive Streets Across the World
Cushman & Wakefield is a commercial real estate brokerage company. It provides many annual insights and also publishes data on main streets of countless cities worldwide.
New York’s Fifth Avenue was ranked as the world’s most expensive street for shopping. The average rent there is 1.756 euros ($1.827) per square meter monthly.
Hong Kong came in second with 1,261 euros per square meter per month.
Milan’s Via Montenapoleone landed at third with 1,212 euros per square meter per month. It thus gained the lead over New Bond Street, London and Paris’ Avenue des Champs Élysées.
Ermou Street was already well-known for its international brands, stylish boutiques, and history. Now, it has been recognized by Cushman & Wakefield, too. The commercial real estate brokerage company identified it as one of the least affordable streets globally.
This is not the first time Ermou has made the list, however. In 2016, it was ranked as the twenty-fifth most expensive shopping street in the world. By 2018, it had moved up to fourteenth place.
History of the 14th most expensive street in the world
Hermes Street (Greek: Οδός Ερμού, Odos Ermou), which is one and a half kilometers long, actually consists of several sections.
To the east, the street stretches around seven hundred meters to the pedestrian zone from Filellinon to Aiolou Street. This is yet another busy but likewise well-known shopping area in the Greek capital.
The middle segment of Ermou runs from Aiolou Street to Agion Asomaton. To the west, it extends from Agion Asomaton to Peiraios Street. This street is also strictly for pedestrians.
Ermou Street has always been a vital landmark in the city. The architects Kleanthis and Schubert designed it in 1833 as one of the city’s main and centrally-located thoroughfares.
Even when it was an industrial area, Agion Asomaton was still linked to Peiraios Street. The crossway between Syntagma Square and Aiolou has always been linked to retail, however.
At present, Ermou remains one of the most popular streets for tourists and Athenians alike. It is not only a place for shopping but also ideal for relaxing, sightseeing, and discovering one of the wonders of Athens, the capital of Greece.
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