The 33rd edition of the annual Cushman & Wakefield study once again crowns New York’s Fifth Avenue as the most expensive shopping street in the world. The American commercial real estate consultancy company also notes the rise of Via Montenapoleone in Milan, which has supplanted London’s New Bond Street in second place.
Since contemporary luxury has gone global, competition has become increasingly fierce for what Cushman & Wakefield calls “the best urban locations”.
The leader in commercial real estate highlights current developments in the luxury physical retail sector in its latest annual study entitled “Main Streets Across The World”.
Since 1988, the Cushman & Wakefield firm has scrutinized the rental value of the main commercial arteries – the favorite playground of luxury houses – in around a hundred cities across the globe.
At a time of digitalization and the advent of generative artificial intelligence, the physical store and especially the brand flagship still have their say.
Big Apple First et aggiornamento milanais
A 2000 dollars annually per square foot (20,384 euros per square meter) in 2023, Fifth Avenue, on the island of Manhattanproves to be the most desirable of the points of fall, at the first place in the rankinga place that remains stable compared to the 2022 and 2021 editions.
More precisely, it is the top of Fifth Avenue between 49th and 60th Streets de New York.
It’s this strategic location – at number 727 – what did the LVMH Group pour renovate your Landmark – landmark – Tiffany, reopened at the end of April. The address has been inseparable from the DNA of the New York jeweler for 80 years.
The Via Montenapoleone has Milan she climbs up to the second place of the most expensive luxury shopping streets. Rents in the Lombardy area have increased by 20% this year to reach 1,766 dollars per square foot (18,000 euros per square meter).
L’avenue Tsim Sha Tsui has Hong Kong arrives in third position with rent increasing by 4% to reach 1,493 dollars per square foot (15,219 euros per square meter).
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Featured photo: © OMA/Tiffany
2023-11-29 12:25:38
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