For the first time, a European street has topped Cushman & Wakefield’s annual ranking of the world’s most expensive retail locations. Via Montenapoleone in Milan has claimed the top spot, with rents reaching $2,047 (€1,960/£1,622) per square foot annually. This address, home to luxury brands like Versace and Prada, saw a notable 11 per cent increase in rent over the past year. The area’s rise can be attributed to strong retailer demand, limited supply, and the euro’s appreciation against the dollar.
Upper 5th Avenue in New York holds second place, with rents steady at $2,000 (€1,915/£1,585). London’s New Bond Street has moved to third, surpassing Hong Kong’s Tsim Sha Tsui, now in fourth. The Avenue des Champs-Élysées in Paris remains fifth despite seeing less growth than other locations.
Other notable streets include Ginza in Tokyo, Bahnhofstrasse in Zurich, and Pitt Street Mall in Sydney. These iconic locations are characterised by fierce competition for limited space, with brands from luxury to mass-market seeking premium spots to enhance customer experience and brand visibility.
As physical stores remain crucial in attracting customers, even as e-commerce rises, demand for prime retail space pushes rents to new heights in these global hotspots.
