- Milan has dethroned New York City as home to the world’s most expensive street in retail.
- Via Monte Napoleone boasts annual rents of $1,959 per square foot, per a new report.
- Luxury giant Kering recently purchased a $1.4 billion building in the elite district.
New York City’s Fifth Avenue has been dethroned as the most expensive shopping street in the world, according to a new report from a global real estate firm.
Milan’s Via Monte Napoleone has taken the crown — marking the first time a European city has topped a list compiled by property consultancy Cushman & Wakefield.
The report assessed annual rents globally for 138 luxury shopping districts — from Tokyo to Paris to Zurich.
“Despite challenging market conditions and the dynamic development of e-commerce, the demand for physical retail space in the best locations remains unbroken,” Cushman’s head of retail investment, Andreas Siebert, said in a statement.
Earlier this year, for instance, Gucci and Saint Laurent owner Kering spent $1.4 billion to acquire one of the largest buildings in Via Monte Napoleone from Blackstone.
Luxury giants are placing billion-dollar bets on physical storefronts, Business Insider previously reported, even as online shopping surges.
That said, it’s been a challenging season for the luxury sector — though some players, like Hermès, are bucking larger trends.
Here are the 10 most expensive shopping streets worldwide, according to Cushman & Wakefield.
