New Bond Street ‘best in the world’ for jewellery

Speaking as he opened a new flagship store in the street, Philippe Léopold-Metzger said: "No other street in the world matches it for the watches and jewellery industries — not even New York's Fifth Avenue."

Piaget, whose latest campaign was fronted by actress Sienna Miller, had to fight off four other retailers for the site, which opened for business on Friday and enjoyed a busy first weekend of trading. It joins the ranks of upmarket neighbours Cartier, Chanel and Louis Vuitton, which opened a new store there in the spring.

Property agent Cushman & Wakefield said Piaget, owned by Swiss luxury giant Richemont, had paid the biggest rent ever on the street, where prices have risen by a staggering 19.4% in the last 12 months.

Léopold-Metzger predicted that lesser brands would disappear in the next few years as customers drift away from flashier designer labels.

However, the most refined marques would benefit from the "flight to quality" as the economic crisis drove consumers to buy the more classic products of high quality, he said.

"I think a lot of brands will disappear in the next few years," he said. "People want exclusivity and product integrity. That's why we specialise in watches and jewellery: no leather [goods] or perfumes.

"Our clients have suffered a little in the recession, but we are one of the most shielded brands."

A recent report from Cushman & Wakefield showed New Bond Street has overtaking the Champs-Élysées in Paris as the dearest avenue in Europe for luxury retailers to rent space.

Although, at an average of £536 per square foot, it is not as dear as Fifth Avenue, at $1850 (£1,665.90) a square foot, rates shot up faster than any of its rival streets in the world.