Surprise ? Not so much. [Notre] The most beautiful avenue in the world – the Avenue des Champs-Élysées, for those at the back – is also one of the most expensive shopping streets on the planet. It even climbs to 5th position in the 2024 ranking of Cushman & Wakefield, world leader in professional real estate, with an average annual rent of €12,519/m² (i.e. +10% compared to last year). Other Parisian heavyweights, such as Rue Saint-Honoré and Avenue Montaigne, continue to hold the upper hand, boosted by the great return of tourists (+11% in 2023) and an army of international buyers still in the search for French luxury.
At the head of this 34th edition, Via Montenapoleone, epicenter of Milanese chic, where the Gucci and Prada windows compete to see who will sparkle the most. A street where even the cobblestones seem ready and the perfect spot to slam your PEL. Average annual rent: €20,000 per square meter. Outch. Just behind, the ever-present Upper 5th Avenue (€19,537/m²) of New York, closely followed by New Bond Street, old London with a luxury twist, and Tsim Sha Tsui, the pulsating heart of Hong Kong on the Kowloon side.
Across the world, rents on star streets are soaring by 4.4% and surpassing pre-Covid peaks. Faced with this escalation, major brands are playing on all fronts, between immersive stores and digital strategies to capture the attention of ever more demanding customers.
The 10 most expensive shopping streets in the world
- Via Montenapoleone, Milan, Italy
- Upper 5th Avenue (49th to 60th Sts), New York, États-Unis
- New Bond Street, London, United Kingdom
- Tsim Sha Tsui, Hong Kong, China
- Avenue des Champs-Élysées, Paris, France
- Ginza, Tokyo, Japanese
- Bahnhofstrasse, Zurich, Suisse
- Pitt Street Mall, Sydney, Australie
- Myeongdong, Seoul, South Korea
- Kohlmarkt, Vienna, Austria
This 2024 ranking, as usual, takes the pulse of the global real estate market and new consumer fads. Above all, it proves that, even in the era of shopping in pajamas, these legendary streets remain catwalks where we fight to shine. Even if it means lining up stratospheric rents to get your place under the neon lights.
