The world’s most expensive shopping avenues in 2024
Cushman & Wakefield’s latest report highlights the world’s most prestigious and expensive shopping avenues. For the first time, New York’s Fifth Avenue loses its number 1 spot. Here’s a roundup of the commercial arteries where luxury reaches new heights.
1. Via Montenapoleone – Milan, Italy
With a record price of 20,000 euros per square metre, Via Montenapoleone will become the world’s most expensive shopping street in 2024. This Italian thoroughfare, the heart of Milan’s fashion district, is home to such prestigious names as Gucci, Prada and Armani. Rising prices reflect Europe’s growing attraction to luxury brands.
2. Fifth Avenue – New York, United States
Historically number 1, the average rent on Fifth Avenue this year is around 19,000 euros per square metre. This iconic thoroughfare remains a symbol of global luxury, home to brands such as Tiffany & Co. and Louis Vuitton. However, a slight stagnation in rents explains its decline.
3. Causeway Bay – Hong Kong
With rents approaching 17,000 euros per square meter, Causeway Bay continues to rank among the most expensive in the world. The street is a key destination for luxury brands targeting Asian consumers.
4. Champs-Élysées – Paris, France
The world’s most beautiful avenue proudly ranks among the top ten, with rents reaching around 15,000 euros per square metre. Its iconic boutiques, from Louis Vuitton to Cartier, make it a must-see for luxury in Paris.
5. New Bond Street – London, United Kingdom
New Bond Street remains a focal point for high-end retail in London, with rents peaking at €14,500 per square meter. Despite post-Brexit economic uncertainties, this avenue remains highly sought-after by the major luxury houses.
6. Ginza – Tokyo, Japan
Ginza, Japan’s emblematic luxury district, boasts rents of almost 13,500 euros per square meter. The area attracts a wealthy local and international clientele, consolidating its place among the world’s best.
7. Orchard Road – Singapore
Orchard Road, Southeast Asia’s high-end shopping nerve center, boasts rents of up to 11,000 euros per square meter. Its mix of international brands and local luxury boutiques attracts a diverse clientele.
8. Myeongdong – Seoul, South Korea
Rents in Myeongdong have risen to around 10,500 euros per square meter, thanks in part to the influx of Chinese tourists and the popularity of Korean brands on the international scene.
An overall upward trend in shopping avenue rents
In 2024, 57% of the shopping avenues surveyed saw their rents increase on the previous year. This increase is explained by the return of tourists after the pandemic and growing demand for premium space in the world’s most prestigious districts.
Paris and the Via Montenapoleone, a European duel
While the Champs-Élysées maintain their prestige, Via Montenapoleone embodies Europe’s rise as a leader in luxury retailing. These two avenues testify to the cultural and economic importance of European cities in the world of retail.
