Our 35th edition of Main Streets Across the World External Link highlights the retail sector’s enduring vitality. Thanks to data-driven insights and a consistent demand for in-person shopping, the industry is undergoing a significant transformation. This report explores the resilience of main streets, the economic factors influencing their value, and the key role they play in global retail strategies.
The rankings of the world’s most iconic main streets have seen another significant reshuffle in the past year. In a notable change at the top, London’s New Bond Street has risen two spots to become the world’s most expensive retail destination, surpassing both Milan’s Via Montenapoleone and New York’s Fifth Avenue. This climb is driven by a 22% rental growth over the past year, bringing average rents to $2,231 per square foot, while rents in Milan and New York remained flat.
With this shift, Via Montenapoleone now stands as the second most expensive street globally, followed by Upper Fifth Avenue in third.
Retail’s Dynamic Evolution
Even with high uncertainty and geopolitical tensions, the retail sector is showing remarkable strength. Headline rents have grown globally by 4.2% in the past year, a sign of steady momentum even as central banks deal with competing economic pressures. Retailers have leaned into this volatility, understanding that they must adapt. The competition for prime real estate is fierce, pushing brands to get creative with their portfolios and use advanced data to pinpoint the best locations.
Through all this change, one thing remains constant: location. The demand for physical stores on premier retail streets has never been stronger. These iconic streets are the heart of global retail, offering a unique mix of history, foot traffic, and cultural significance. For retailers, having a presence on these main streets is a strategic move essential for a competitive edge and long-term success.
