Milan’s Via Monte Napoleone has surpassed New York’s Fifth Avenue and London’s New Bond Street to become the world’s most expensive shopping street. Here’s everything you need to know about this remarkable achievement and what it means for the global luxury shopping landscape.
Why Milan is Now Number One
Via Monte Napoleone is now the priciest retail location globally, with rents soaring to an unprecedented €20,000 per square metre annually, according to Cushman & Wakefield. Several factors contribute to this rise:
- Increased Affluent Tourism: Milan has seen a surge in high-spending international tourists, drawn by the city’s reputation for fashion and luxury.
- Generous Tax Breaks: Tax incentives have lured wealthy individuals and professionals to relocate to the city.
- Luxury Retail Demand: Leading brands like Gucci and Chanel are competing for prime retail spaces, driving up rents.
- Limited Availability: Milan’s luxury shopping district is compact compared to other global destinations, creating scarcity for prime spots.
The Global Ranking of Luxury Shopping Streets
Below is a table of the top 10 most expensive shopping streets, ranked by annual headline rent:
|
Rank
|
Shopping Street
|
City
|
Country
|
|
1
|
Via Monte Napoleone
|
Milan
|
Italy
|
|
2
|
Upper Fifth Avenue
|
New York
|
USA
|
|
3
|
New Bond Street
|
London
|
UK
|
|
4
|
Tsim Sha Tsui
|
Hong Kong
|
Hong Kong
|
|
5
|
Avenue des Champs-Élysées
|
Paris
|
France
|
|
6
|
Ginza
|
Tokyo
|
Japan
|
|
7
|
Bahnhofstrasse
|
Zurich
|
Switzerland
|
|
8
|
Pitt Street Mall
|
Sydney
|
Australia
|
|
9
|
Myeongdong
|
Seoul
|
South Korea
|
|
10
|
Kohlmarkt
|
Vienna
|
Austria
|
What Makes Via Monte Napoleone Unique
- Exclusivity of Space: Unlike New York’s sprawling Fifth Avenue or Paris’ Champs-Élysées, Via Monte Napoleone is a shorter street, making retail spaces highly sought after.
- Recent Investments: Major deals like Kering’s €1.3 billion purchase of a building on the street highlight the intense demand from luxury brands.
- Continuous Rent Growth: Rents have risen 30% in the past two years, far outpacing other global luxury streets.
Milan’s Growing Tourism and Real Estate Boom
The city’s appeal extends beyond shopping:
- Record Tourism in 2024: Over 13 million tourists visited the Lombardy region in the first eight months of the year, with Milan expecting to surpass its 2023 record of 8.5 million visitors.
- Real Estate Impact: The influx of super-rich visitors has driven up prices for both real estate and hotel accommodations.
Conclusion: Milan as the Luxury Shopping Capital
Milan’s rise to the top reflects its transformation into a global hub for luxury shopping, fuelled by tourism, tax benefits, and high-end real estate investments. This achievement not only elevates Milan’s status but also underscores the city’s significance in the international luxury market.
Whether you’re a luxury shopper or a curious traveller, Via Monte Napoleone offers an unmatched glimpse into the world of exclusive fashion and high-end retail.
Source: FT.com
