Milan’s Via Montenapoleone has overtaken New York’s Upper 5th Avenue to be crowned the world’s most expensive shopping street.
It is the first time a European street has topped American real-estate firm Cushman & Wakefield’s annual ranking of the world’s most expensive retail destinations based on headline rents, now in its 34th year.
The ranking can be seen as an indicator of the most desirable addresses for high-end brands.
Via Montenapoleone, which is just a quarter of a mile long, is home to fashion brands such as Versace and Prada and has risen up the ranking thanks to rents rising 11 per cent in a year, to $2,047/€1,960/£1,622 per square foot per year (psf).
Cushman & Wakefield explained that ‘alongside continuing strong retailer demand amid constrained supply, Via Montenapoleone also benefitted from the euro’s appreciation against the dollar’.
The average shopper there spent €2,500/$2,608/£2,061 per purchase between August and November 2024 – the highest average receipt in the world, according to tax-free shopping firm Global Blue via CBS News.
Upper 5th Avenue (49th to 60th Sts) is now the second-most expensive shopping district, with rent remaining the same for a second consecutive year, at $2,000/€1,915/£1,585psf.
In third place is London’s New Bond Street ($1,762/€1,687/£1,397psf), overtaking Hong Kong’s Tsim Sha Tsui, now in fourth place, with rent at $1,607/€1,539/£1,274psf.
Milan’s Via Montenapoleone has overtaken New York’s Upper 5th Avenue to be crowned the world’s most expensive shopping street. It is the first time a European street has topped American real-estate firm Cushman & Wakefield ‘s annual ranking of the world’s most expensive retail destinations based on headline rents, now in its 34th year
Upper 5th Avenue (49th to 60th Sts) is now the second-most expensive shopping district, with rent remaining the same for a second consecutive year, at $2,000/€1,915/£1,585psf
In third place is London’s New Bond Street (pictured), where rent is $1,762/€1,687/£1,397psf
With a rental price of $1,282/€1,228/£1,017psf, Paris’s Avenue des Champs Élysées retains fifth position, but Tokyo’s Ginza district (sixth) narrows the gap with a 25 per cent year-on-year increase in rent, up to $1,186/€1,136/£941psf.
In seventh place is Bahnhofstrasse, in Zurich, Switzerland ($981/€940/£778psf); Sydney’s Pitt Street Mall is in eighth place ($802/€769/£636psf); Seoul’s Myeongdong district takes ninth place ($688/€659/£546psf); and Kohlmarkt, in Vienna, comes tenth ($553/€530/£439psf).
Robert Travers, Head of EMEA Retail at Cushman & Wakefield, says: ‘These globally iconic locations are characterised by intense competition for space and extremely limited supply, even in challenging retail market conditions.
‘Brands, from luxury to mass market, are doubling down on their physical stores in the top locations as competition for consumer attention drives the need for a superior shopping experience and product showcase.
‘While e-commerce [online shopping] plays a role in an omnichannel strategy [selling products across multiple platforms], it is the physical embodiment of the brand that customers connect with.
‘As a result, vacancy rates remain exceptionally tight, which translates into the rents that retailers are willing to pay to secure and retain their space.’
Having been overtaken by New Bond Street, Hong Kong’s Tsim Sha Tsui (pictured) is now in fourth place, with rent at $1,607/€1,539/£1,274psf
With a rental price of $1,282/€1,228/£1,017psf, Paris’s Avenue des Champs Élysées (pictured) retains fifth position
