The international consulting company Cushman & Wakefield presented an annual global ranking of the most prestigious shopping streets in the world in the report Main Streets Across the World, reports daily.afisha.ru.
Milan's Via Montenapoleone has overtaken New York's legendary Fifth Avenue, which now occupies an honorable second place. The top 3 is rounded out by the famous British New Bond Street in London.
The top 10 most expensive shopping streets also include:
Champs Elysees in Paris
Tokyo Ginza
Zurich Bahnhofstrasse
Sydney Pitt Street
Seoul Myeongdong
Vienna Kohlmarkt
Experts attribute the success of Via Montenapoleone to a significant increase in tourist flow to Milan. In addition, the intense competition of premium brands for retail space in the city significantly increases rental prices.
Over the past year, rents on Via Montenapoleone have increased by 11% to 20 000 euros per square metre per year. In comparison, rents on Fifth Avenue have remained unchanged at 19 537 euros per square metre. New Bond Street and the Champs-Elysees have also seen rents rise to 17 210 euros and 12 519 euros respectively.