- Milan has dethroned New York City as home to the world's most expensive street in retail.
- Via Monte Napoleone boasts annual rents of $1,959 per square foot, per a new report.
- Luxury giant Kering recently purchased a $1.4 billion building in the elite district.
New York City's Fifth Avenue has been dethroned as the most expensive shopping street in the world, according to a new report from a global real estate firm.
Milan's Via Monte Napoleone has taken the crown — marking the first time a European city has topped a list compiled by property consultancy Cushman & Wakefield.
The report assessed annual rents globally for 138 luxury shopping districts — from Tokyo to Paris to Zurich.
"Despite challenging market conditions and the dynamic development of e-commerce, the demand for physical retail space in the best locations remains unbroken," Cushman's head of retail investment, Andreas Siebert, said in a statement.
Earlier this year, for instance, Gucci and Saint Laurent owner Kering spent $1.4 billion to acquire one of the largest buildings in Via Monte Napoleone from Blackstone.
Luxury giants are placing billion-dollar bets on physical storefronts, Business Insider previously reported, even as online shopping surges.
That said, it's been a challenging season for the luxury sector — though some players, like Hermès, are bucking larger trends.
Here are the 10 most expensive shopping streets worldwide, according to Cushman & Wakefield.
1. Milan: Via Monte Napoleone
Via Monte Napoleone, the world's most expensive shopping street, at Christmastime.
Mairo Cinquetti/NurPhoto via Getty Images
Milan's Via Monte Napoleone boasts annual rents of $1,959 per square foot, according to the report, up 11% over last year.
One factor contributing to its ascendance? The street is "very short" compared to others on the list, which has driven up rents, Cushman's head of retail for Italy, Thomas Casolo, told CNN.
Chanel and Gucci both opened new locations in the area within the past year, according to the Financial Times.
2. New York City: Upper Fifth Avenue
New York's Fifth Avenue has been supplanted, though an overhaul of the area is in the works.
Andrew Lichtenstein/Corbis via Getty Images
While North America posted the strongest rental growth of any continent, according to Cushman, Upper Fifth Avenue came in second this year, with annual rents priced at $1,913 per square foot.
Last month, The New York Times reported city officials are plotting a $350 million overhaul of Fifth Avenue that will make it more walkable — not unlike its European counterparts.
3. London: New Bond Street
Hermes, pictured here on New Bond Street in London, is bucking the trend of a luxury downturn.
Mike Kemp/In Pictures via Getty Images
London's New Bond Street rose one spot to No. 3 on this year's list — marking a 13% increase over last year, according to Cushman & Wakefield.
The elite shopping district now boasts annual rents of $1,685 per square foot, according to the report.
4. Hong Kong: Tsim Sha Tsui
Pedestrians stroll in front of the Louis Vuitton store at Tsim Sha Tsui. Parent company LVMH said sales dropped during the third quarter.
Li Zhihua/China News Service/VCG via Getty Images
Hong Kong's Tsim Sha Tsui slipped one spot, according to the report, with annual rents of $1,537 per square foot.
5. Paris: The Avenue des Champs-Élysées
The Bvlgari boutique on the Champs-Élysées at sunset.
: Apaydin A/Andia/Universal Images Group via Getty Images
The Avenue des Champs-Élysées remained the fifth most expensive shopping boulevard globally — even as annual rents in the Parisian hot spot rose 10% to $1,226 per square foot.
6. Tokyo: Ginza
Tokyo's Ginza district is home to top luxury shops like Chanel.
: Dukas/Universal Images Group via Getty Images
Annual rents in the Ginza district of Tokyo are priced at $1,134 per square foot, according to Cushman & Wakefield.
7. Zurich: Bahnhofstrasse
Snow-covered Bahnhofstrasse marks Switzerland's most elite luxury hub.
Jan Woitas/picture alliance via Getty Images
Annual rents in Zurich's Bahnhofstrasse are priced at $939 per square foot, according to the report.
8. Sydney: Pitt Street Mall
Pitt Street Mall in Sydney was deserted at the height of COVID during Christmas 2020.
David Gray/Getty Images
Annual rents in Sydney's Pitt Street Mall district are priced at $767 per square foot, according to the report.
9. Seoul: Myeong-dong
Seoul's Myeong-dong shopping district.
JUNG YEON-JE/AFP via Getty Images
Annual rents in the Myeong-dong district of Seoul are priced at $658 per square foot, according to Cushman & Wakefield.
10. Vienna: Kohlmarkt
Kohlmarkt in Vienna, lit with holiday decor.
Imagno/Getty Images
Kohlmarkt in Vienna maintained its same position as last year, with an annual rent in 2024 of $529 per square foot, according to Cushman & Wakefield.