In London continued demand from new retailers looking for international flagship stores pushed up prime rents by more than 10% during the year, although demand elsewhere in the country was muted.
In Central London, principal shopping streets including Regent Street, Kings Road, Kensington High Street and Covent Garden all saw 10%-plus rental growth through 2001. The exception was Oxford Street, where retail rents have now remained flat since the winter of 1999.
Ed Humbert, Retail Director at DTZ, said: 'London is a world city and international retailers are still actively competing to secure space in the prime locations such as Covent Garden and Regent Street. Demand for Oxford Street has been less consistent but it remains the UK's premier shopping street and demand still remains strong for flagship stores in the prime stretch to the west of Oxford Circus.'
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