Research has shown that the cost of renting a site in prime shopping locations across the globe is extortionate. In London, the cost of a spot on a prime shopping street has risen by 16% but London is only the third most expensive in the world. Hong Kong is currently leading the way with rent coming in at a massive $4,328 per square foot . Australia has also seen its rent for prime shopping locations rise particularly due to its growing economy and the influx of luxury brands. Rent has got so high that Raymond Torto (Global Chief Economist at CBRE) said that ‘at the current high levels, retailers are considering ‘off’ prime or secondary locations and showing a reluctance to pay record high rates’. At the other end of the spectrum landlords are being forced to cut rents to help retailers avoid collapse on the high street, which is quite a contrast to the situation in prime locations.