As of November 2012, Causeway Bay in Hong Kong was the most expensive shopping street in the world. A prime retail space on the street costs an average of $2,734 per square foot, making it the most expensive location in the world. Chanel, Dior, Gucci, Hermes, Louis Vuitton, Prada, and Tiffany & Co. are among the high-end retailers on the street.The street was named The Causeway after the Causeway Bay Typhoon Shelter, which was erected in 1873 at 18 Causeway Bay. The shelter was built to protect boats from typhoons, but it also served as a marketplace for fishermen to sell their catch. The street was nicknamed Causeway Bay in the 1920s after the Causeway Bay Market, which was erected in the neighbourhood.The market was a popular destination for both locals and tourists, and it was well-known for its extensive selection of goods. The market was dismantled in the 1960s to make way for the development of the Causeway Bay Shopping Centre, which opened in 1967. The shopping centre was one of Hong Kong’s first malls and was quite popular with shoppers.Causeway Bay became a popular shopping area for Mainland Chinese tourists in the 1980s. The street became known as the Golden Mile because it was lined with shops offering luxury products. Causeway Bay has remained a popular shopping destination in recent years, and it now houses some of the most expensive retail space in the world.