Milan’s Via Montenapoleone has been crowned the world’s most expensive retail street, according to the 2024 Main Streets Across the World report published by real estate group Cushman & Wakefield on Wednesday.
This marks a historic milestone as Via Montenapoleone becomes the first European street to top the rankings in the report’s 34-year history, dethroning New York City’s Upper Fifth Avenue.
Driving Factors Behind the Rise
The report highlighted a robust rental growth exceeding 30% over the past two years on the Italian luxury shopping destination. Additionally, the euro’s appreciation against the U.S. dollar this year further reinforced its position.
“Via Montenapoleone’s rise reflects a vibrant luxury retail market and strong international demand,” the report stated.
Prime Rents in Numbers
Via Montenapoleone: €20,000 per square meter annually
Upper Fifth Avenue: €19,537 per square meter annually
Global Insights
The report evaluates 138 urban retail hubs worldwide, ranking them based on the value of prime rents. Via Montenapoleone’s impressive rental growth underscores its allure among global luxury brands and affluent shoppers.
This achievement solidifies Milan’s status as a premier shopping destination, further elevating its reputation in the global luxury retail landscape.
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