A group had a minor Christmas hit in 2010. It is about something that one street in their city historically had first, another street traditionally has first annually and another street traditionally has the most luxurious, based on themes such as the crown jewels or perfume bottles. What is the theme and why are all three linked to a festive colour?

Well, I think we're talking about Christmas lights. Coldplay had a song by that name in 2010, referring to the lights on London's Oxford Street. Regent Street's lights traditionally are lit first, I believe, and Bond Street's are particularly fancy and elegant.

All three streets feature in the UK Monopoly game and are part of the green property set.

Happy Holidays, Gmack.

https://monopoly.fandom.com/wiki/Green_Color_Group_Properties

Indeed, Christmas Lights by Coldplay reached no 13 in the UK and 25 on the Billboard charts, but did do better elsewhere in Europe (4 in Iceland, 3 in Finland, 2 in Italy and the Netherlands and hit no 1 in Hungary).
https://youtu.be/z1rYmzQ8C9Q?si=caIHpDYopwGu93vj

Regent Street were historically the first to have Christmas lights back in 1882, although they didn't become a regular full scale feature until 1954 after an article in the Daily Telegraph saying Central London was too dull in the winter.
https://www.londonpicturearchive.org.uk/view-item?key=SXsiUCI6eyJ2YWx1ZSI6InRlZW5hZ2UgY2VsZWJyaXR5IHZrdmlkZW8iLCJvcGVyYXRvciI6MSwiZnV6enlQcmVmaXhMZW5ndGgiOjMsImZ1enp5TWluU2ltaWxhcml0eSI6MC43NSwibWF4U3VnZ2VzdGlvbnMiOjMsImFsd2F5c1N1Z2dlc3QiOmZhbHNlfSwiRiI6ImV5SjBJanBiTVYxOSJ9&pg=12&WINID=1767043828575#B68WKghYabIAAAGbbAT4bw/139169
Oxford Street, which is mentioned in the song, usually turns theirs on first. This year it was on November 3rd.
https://www.youneedtovisit.co.uk/christmas-lights-in-london/
Bond Street is known for the most luxurious Christmas displays, as seen here (coincidentally featuring a choir singing Coldplay):
https://youtu.be/v1PJogaIbjw?si=jXnn3kzl8S5kBZx-

These three streets (spelling ROB) make up the green properties on a standard UK Monopoly board.
https://en.wikipedia.org/wiki/List_of_London_Monopoly_locations