Advertisement 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.
Advertisement 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. Advertisement 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 & Wake.