The most expensive street in Europe? It’s in…
Via Montenapoleone is the most expensive street in Europe. Rents are close to 15 thousand euros per sq. m.
Milan’s shopping street surpasses, for the first time, New Bond Street in London and Avenue des Champs Élysées in Paris, according to the report by Cushman & Wakefield, which analyzed 92 cities around the world.
Via Montenapoleone in Milan rises to the podium as the third most expensive shopping street in the world, with average rents of 14,547 euros per square meter per year, and for the first time, it becomes the top shopping street in Europe, surpassing New Bond Street in London and Avenue des Champs Élysées in Paris, which ranked fourth and fifth respectively in the global ranking.
Milan’s shopping street ranks after New York’s Fifth Avenue (with
average rents of 21,076 euros/sqm/year) and Hong Kong’s Tsim Sha Tsui (15,134
euros/sqm/year), according to The Main Streets Across the World report by Cushman &
Wakefield, which monitors the main retail streets in 92 cities around the world and compiles the
ranking of the most expensive based on the value of prime rents.
“Despite the stress test of the last few years,” said Joachim Sandberg, Head of Italy at Cushman & Wakefield, “Via Montenapoleone is confirmed as one of the most important and listed luxury shopping avenues in the world, rising to first place inEurope, behind only New York and Hong Kong globally.
The rental values, which are against the trend and up from 2019, show that operators strongly believe in the location and the importance of continuing to invest in physical stores to create the “experience” needed to strengthen their brand.”
In major retail destinations globally, fees declined by an average of 13 percent during the most intense period of the Covid-19 pandemic, but have subsequently recovered to just 6 percent from pre-pandemic levels.
In the most acute phase of the pandemic, rents in the EMEA region fell on average by 11 percent, although with considerable variation depending on the severity of the restraint measures taken. Ireland, the United Kingdom, Spain, and France were significantly impacted, with rents falling by up to 28 percent on average, while in parts of Eastern Europe, such as Slovakia and Slovenia, changes were minimal.
“The appeal of via Montenapoleone,” said Thomas Casolo, head of retail Italy, “brings Milan to the top of Europe, after two difficult years. Despite the fact that the short-term economic outlook is not rosy, Cushman & Wakefield continues to detect the interest of new operators, who are mainly focusing on physical retail. The return of tourists, especially from America has brought Milan back to the center of the luxury market in Europe.”