This is the world’s most expensive shopping street, not Fifth Avenue, New Bond Street, it is...

A recent report by Cushman & Wakefield, now in its 34th year, has identified the world’s most expensive retail destinations based on rental costs. The report covers 138 key retail markets globally, noting that high demand and limited availability of space are driving up rents despite broader challenges in the retail sector.

Robert Travers, head of retail for Europe, the Middle East, and Africa at Cushman & Wakefield, highlighted that both luxury and mass-market brands are heavily investing in physical stores in top locations. “The competition for consumer attention is pushing brands to create superior shopping experiences and showcase their products,” he explained. This has resulted in exceptionally low vacancy rates and soaring rental prices.

Milan’s Via Monte Napoleone Tops the List
Topping the list of the priciest shopping destinations is Via Monte Napoleone in Milan, Italy. This iconic street, known for hosting major luxury brands like Hermès, Versace, Cartier, Bottega Veneta, and Celine, is also seeing significant investments. Earlier this year, Kering, the parent company of Gucci, purchased a building on the street for Euro 1.3 billion (approximately Rs 12,180 crore). Over the past year, brands such as Chanel and Gucci have also opened new outlets here.

This growth coincides with a luxury tourism boom in Milan. The city is home to one of the world’s major fashion weeks and a globally recognized Design Week dedicated to furniture and interiors. Additionally, simplified migration rules and attractive tax incentives have drawn many high-net-worth individuals to Milan, according to Henley & Partners, a consultancy specializing in helping wealthy individuals relocate.

The Top 10 Most Expensive Retail Locations
Here are the most expensive shopping streets worldwide, based on annual rent per square foot:

Via Monte Napoleone, Milan
Upper Fifth Avenue (49th to 60th streets), New York
New Bond Street, London
Tsim Sha Tsui, Hong Kong
Avenue des Champs Élysées, Paris
Ginza, Tokyo
Bahnhoftstrasse, Zurich
Pitt Street Mall, Sydney
Myeongdong, Seoul
Kohlmarkt, Vienna

These locations reflect the growing demand for premium retail spaces, driven by tourism, wealthy residents, and a focus on creating unique shopping experiences.