Milan, via Montenapoleone is the fifth most expensive shopping street in the world

It is not just one of the icons of Italian fashion and shopping. Via Montenapoleone in Milan is one of the most expensive streets in the world, above all for the rental prices of its boutiques. In fact, the street in the heart of the Quadrilateral is in fifth place in the world ranking of the most expensive shopping streets in the world, third in Europe, after New Bond Street in London and Avenue des Champs Elysees, in Paris.

The ranking is a confirmation of the position gained in 2018, according to the annual report of Cushman & Wakefield, which analyzes the rents of 448 locations in 68 markets.

The ranking of the most expensive roads in the world

In first place in the 2019 ranking with € 25,965 per square meter of annual fee, Causeway Bay, Hong Kong, confirms its resistance to the protests, even if the prospects for the future remain more uncertain. New York with Upper 5th Avenue ranks second with fees of € 21,295 per square meter. In the shopping street of London, rents have increased by 2.3% in the last 12 months, reaching 16,222 euros per square meter. Avenue des Champs Elysees stops at € 13,992 paid per square meter, while Via Montenapoleone in Milan stands at € 13,700 per square meter per year.

At European level, after Milan come Zurich and the Kohlmarkt in Vienna to complete the Top 5. Dublin's Grafton Street is in seventh place, while Ermou in Athens recorded the largest increase in rents (+ 14%).

Overall, in around 70% of locations in Europe, rents have remained stable or increased compared to last year. The most notable increase in rents in the Top 10 was recorded by Pitt Street Mall in Sydney, which has registered + 17.9% in the last 12 months.

The future of boutiques and the internet

The research believes that the future of luxury stores is certainly not marked by the growth in online sales. These, explains Cushman & Wakefield, "continue to increase worldwide and although there is much discussion about the challenges that the Internet poses to traditional stores, the relationship between the two is more complex than it seems. Although the quantification of the value of the store has become more difficult, the store remains an important point of contact for the consumer and generates in-store and online sales, representing a sort of showroom and creating a wider presence of the brand ".