Milan's Via Monte Napoleone Named Most Expensive Shopping Street

Milan's Via Monte Napoleone has officially overtaken New York's Fifth Avenue as the world's most expensive shopping street for the first time in 34 years, with rents climbing 11% to €20,000 per square meter annually. This surge in demand is attributed to an influx of wealthy tourists and relocations spurred by favorable tax incentives in Milan. The limited availability of retail space has led to fierce competition among luxury brands, exemplified by Kering's €1.3 billion acquisition of a property on the street. Meanwhile, other notable luxury shopping areas like London’s New Bond Street and Paris's Champs Élysées also maintain high rent prices but remain behind Milan. The annual report by Cushman & Wakefield tracks rents in 138 prime retail locations globally and reflects a tight market despite overall retail challenges. Prague's Pařížská Street ranks 20th globally, highlighting its status as a key luxury retail destination in Central Europe.