- According to Cushman & Wakefield’s Main Streets Across the World report, global rents increased with an average of 4.4%.
- P.C. Hooftstraat in Amsterdam, the Netherlands, retains spot 18 on ranking of 138 locations.
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Via Montenapoleone tops the rankings, overtaking New York’s Upper 5th Avenue.
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London’s New Bond Street regains top 3 status.
Milan’s Via Montenapoleone, where rents have risen by nearly a third in the past two years, has overtaken New York’s Upper 5th Avenue to be crowned the world’s most expensive retail destination. This is according to the latest edition of Cushman & Wakefield's report Main Streets Across the World, which analyses the rents of leading shopping streets in 138 cities worldwide. It is the first time a European street has topped the global rankings.
Amsterdam’s Via Montenapoleone
The P.C. Hooftstraat remains the most expensive shopping street in the Netherlands, with a top rental price of €2,800 per square meter per year. This secures the city’s steady 18th position on the global ranking.
Michiel Boonen, Head of Retail Cushman & Wakefield: "In addition to the stable rental prices on P.C. Hooftstraat, we are seeing a slight increase in retail rental prices at various other locations in Amsterdam after years of decline. This is largely driven by the recovery in visitor numbers, which now exceed pre-pandemic levels. However, this recovery is not evident in all Dutch cities. In some areas, visitor numbers have yet to return to previous levels, and as a result, retail rental prices in those cities remain mostly stable or, in some cases, continue to decline.”
Luxury Retail
Milan's surge is driven by strong demand paired with limited supply, along with the favorable appreciation of the euro against the US dollar. London's New Bond Street (€17,210) surpassed Hong Kong's Tsim Sha Tsui (€15,697) to reclaim third place. Paris' Avenue des Champs-Élysées maintained fifth position with a 10% year-over-year increase, while Tokyo's Ginza district closed the gap thanks to an impressive 25% annual rise in rental prices.
Economic recovery presents opportunities
Despite challenges, such as rising interest rates and inflation in 2022 and 2023, top shopping streets have demonstrated resilience. With interest rate cuts accelerating, economic growth picking up, and pressures on living costs easing, the retail sector is expected to recover further. Higher real wages and increased consumer spending offer additional opportunities for continued rental growth in prime locations.
