In the realm of luxury shopping destinations, Fifth Avenue in New York City stands unrivaled, maintaining its coveted position as the world’s most expensive shopping street. According to a comprehensive study by Cushman & Wakefield, this iconic avenue continues to set the standard for retail excellence.
Making a significant leap from third to second place, Via Monte Napoleone in Milan, Italy, has experienced a remarkable 20% surge in retail rents within just one year, now commanding a substantial €18,000 per square meter. In contrast, Hong Kong’s Tsim Sha Tsui Street has seen a more modest 4% uptick in rental values since 2022, signaling a 39% decrease compared to pre-COVID levels.
While shifts have occurred in the rankings, the global top 10 shopping streets remain stable this year. New Bond Street in London secures the fourth position, and the legendary Champs-Elysées in Paris holds fifth place, with rents holding steady at 11,414 euros per square meter, mirroring 2022 figures.
Istanbul’s Istiklal Avenue has notably ascended from 31st to 20th place in 2023, showcasing its growing prominence on the global retail stage. Conversely, Stockholm’s Biblioteksgatan experienced a marginal decline, attributed to the weakening Swedish krona against the dollar.
Rob Travers, Retail Director EMEA at Cushman & Wakefield, highlights the competitive dynamics in prime retail locations, where limited vacancies drive up rents when sought-after spaces become available. Despite concerns surrounding reduced consumer spending and economic impacts, retailers strategically secure and fortify their flagship presence in key markets.
Shifting focus to Europe, the study underscores France’s dominance, claiming half of the top 10 most expensive shopping streets. The vibrancy of Parisian luxury arteries, fueled by the upcoming Olympic Games, has spurred noteworthy activity in recent months.