Causeway Bay kicked out as world's most expensive shopping location

Clue: The new one's pretty familiar.

New York’s Upper Fifth Avenue has overtaken Hong Kong’s Causeway Bay as the world’s most expensive shopping destination.

According to a release from Cushman & Wakefield, the findings are based on the global real estate adviser's flagship retail research report Main Streets Across the World.

The report is widely recognised as the barometer for the global retail market and ranks the most expensive locations in the top 330 shopping destinations across 65 countries.

Here's more from Cushman and Wakefield:

Cushman & Wakefield is at the centre of global retail and monitors and analyses the evolution of the industry and global retail trends to ensure its clients are best positioned to capitalise on future developments in the sector.

Prime retail rents across the globe rose by an average of 2.4% in the 12 months to September 2014, with recovery being sustained but at an overall slower rate.

Volatile and somewhat subdued economic activity affected some markets, while structural changes impacting on others. However, despite a more constrained rental growth rate, 277 of the 330 locations surveyed were either static or increased over the year.

The ranking of the most expensive retail locations in each country recorded notable movements this year. Rents in New York’s Upper Fifth Avenue hit a record $3,500 per sq ft per year as it leapfrogged Causeway Bay, which saw rents fall by 6.8%, to secure top spot.

Cushman & Wakefield’s global head of retail John Strachan said: “New York is once again the most expensive shopping destination in the world and for the first time since 2011 – Upper Fifth Avenue also set a new record for the highest retail rents ever recorded. Global gateway markets continue to surge ahead as major brands battle for premier addresses in the top cities.”