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World's most expensive shopping street revealed - and it's in Europe
Feb 23, 2025
Milan's Via Montenapoleone has overtaken New York's Upper 5th Avenue to be crowned the world’s most expensive shopping street.
It is the first time a European street has topped American real-estate firm Cushman & Wakefield's annual ranking of the world's most expensive retail destinations based on headline rents, now in its 34th year.
The ranking can be seen as an indicator of the most desirable addresses for high-end brands.
Via Montenapoleone, which is just a quarter of a mile long, is home to fashion brands such as Versace and Prada and has risen up the ranking thanks to rents rising 11 per cent in a year, to $2,047/€1,960/£1,622 per square foot per year (psf).
Cushman & Wakefield explained that 'alongside continuing strong retailer demand amid constrained supply, Via Montenapoleone also benefitted from the euro's appreciation against the dollar'.
The average shopper there spent €2,500/$2,608/£2,061 per purchase between August and November 2024 - the highest average receipt in the world, according to tax-free shopping firm Global Blue via CBS News.
Upper 5th Avenue (49th to 60th Sts) is now the second-most expensive shopping district, with rent remaining the same for a second consecutive year, at $2,000/€1,915/£1,585psf.
In third place is London’s New Bond Street ($1,762/€1,687/£1,397psf), overtaking Hong Kong’s Tsim Sha Tsui, now in fourth place, with rent at $1,607/€1,539/£1,274psf.
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