Old Bond Street, the southern end of Mayfair’s luxury shopping thoroughfare, is in the throes of a revival after a downturn in its fortunes compared with its northern twin.
A flurry of leasing activity over recent months means only one retail unit remains available, whereas last year as many as seven spaces were vacant, according to a new report from advisers and agents Savills.
That equates to a vacancy rate of just 2.9% in the third quarter — a sharp year-on-year decline from 5.7% in the same quarter last year. Prime Zone A rents have now exceeded £1,800 sq ft, setting a new benchmark for Old Bond Street.
London’s best known luxury address is widely referred to simply as Bond Street, but to locals it is still divided into Old Bond Street running up from Piccadilly, and New Bond Street, starting at Oxford Street. They are usually reckoned to meet at Burlington Gardens.
Old Bond Street suffered from “quite a lot of negativity” recently according to Anthony Selwyn, co-head of prime global retail at Savills, said departures includes jewellery brand Vashi which went into liquidation in 2023, and Watches of Switzerland, which moved into a new Rolex flagship.
The only available unit currently available is the former DAKS flagship at 10 Old Bond Street.
Selwyn said: “While Old Bond Street has experienced some vacancies over the past few years, these openings reflect a dynamic market where demand remains exceptionally strong across Bond Street as a whole. The street continues to attract leading global luxury brands, reinforcing its reputation as the capital’s home for high-end retail.”
The latest brand to join this revitalised southern stretch is Italian jeweller Pasquale Bruni, which has taken a prominent corner unit at 1 Old Bond Street. The boutique spans 1,650 sq ft across the ground and basement floors and has been secured on a lease through a private landlord represented by Savills.
This deal forms part of a wider wave of leasing activity reshaping the Piccadilly end of Old Bond Street. Next year will see the arrival of several high-profile launches including Ferrari’s flagship store, which is due to open in March, Vhernier, Abel Richard, and a three-storey flagship from A. Lange & Söhne, with Kettle Kids also set to open soon.
Selwyn said: “I’ve just seen the Ferrari store in Milan and there’s no doubt the store on Old Bond Street is going to be something pretty spectacular.”
The most southern end of Old Bond Street is already home to many global luxury brands including Richard Mille, Rolex, Dolce & Gabbana, Valentino, and Tod’s.
