Chanel's store at 158-159 New Bond Street. (CoStar).

London’s New Bond Street has been dubbed the world’s most expensive retail destination, according to data from commercial property agency Cushman & Wakefield.

The street, which is known for its high-end and designer boutiques, has recorded rent increases of 22% over the past 12 months to $2,231 per square foot per year, data from the Main Streets Across The World report found.