For the primary time, a European avenue has topped Cushman & Wakefield’s annual rating of the world’s costliest retail areas. Through Montenapoleone in Milan has claimed the highest spot, with rents reaching $2,047 (€1,960/£1,622) per sq. foot yearly. This tackle, residence to luxurious manufacturers like Versace and Prada, noticed a notable 11 per cent improve in lease over the previous yr. The realm’s rise might be attributed to sturdy retailer demand, restricted provide, and the euro’s appreciation in opposition to the greenback.
Higher fifth Avenue in New York holds second place, with rents regular at $2,000 (€1,915/£1,585). London’s New Bond Avenue has moved to 3rd, surpassing Hong Kong’s Tsim Sha Tsui, now in fourth. The Avenue des Champs-Élysées in Paris stays fifth regardless of seeing much less development than different areas.
Different notable streets embody Ginza in Tokyo, Bahnhofstrasse in Zurich, and Pitt Avenue Mall in Sydney. These iconic areas are characterised by fierce competitors for restricted area, with manufacturers from luxurious to mass-market searching for premium spots to reinforce buyer expertise and model visibility.
As bodily shops stay essential in attracting prospects, whilst e-commerce rises, demand for prime retail area pushes rents to new heights in these international hotspots.
