According to Cushman & Wakefield's latest Main Streets Across the World report, Milan's Via Montenapoleone has become the most expensive retail street globally, dethroning New York's Upper 5th Avenue for the first time.
Photo: Dreamstime.
Here are the 2024 Top 10 Most Expensive Retail Streets:
- Via Montenapoleone, Milan – $2,047 psf (€20,000/sqm)
- Upper 5th Avenue, New York – $2,000 psf (€19,537/sqm)
- New Bond Street, London – $1,762 psf (€17,210/sqm)
- Tsim Sha Tsui, Hong Kong – $1,607 psf (€15,697/sqm)
- Avenue des Champs Élysées, Paris – $1,282 psf (€12,519/sqm)
- Ginza, Tokyo – $1,186 psf (€11,582/sqm)
- Bahnhofstrasse, Zurich – $981 psf (€9,585/sqm)
- Pitt Street Mall, Sydney – $802 psf (€7,832/sqm)
- Myeongdong, Seoul – $688 psf (€6,719/sqm)
- Kohlmarkt, Vienna – $553 psf (€5,400/sqm)
Milan's Rise to the Top
Famous for its association with high fashion and luxury, Via Montenapoleone has seen an 11% year-over-year (YOY) rent increase, driven by strong demand and favourable currency conditions. Its annual retail rents now sit at $2,047 per square foot, outpacing Upper 5th Avenue, where rents have stagnated at $2,000 per square foot for two years.
Despite economic challenges like inflation and high interest rates, top retail streets have proven resilient. Easing economic conditions, rising wages, and increased consumer spending are expected to further boost the sector.
Source: www.365retail.co.uk