Via Montenapoleone in Milan is now the most expensive street in the World, surpassing Fifth Avenue

Via Montenapoleone, the vibrant heart of Milanese luxury, has achieved a historic milestone by becoming the most expensive shopping street in the World. For the first time, it has surpassed New York’s Fifth Avenue, according to the Main Streets Across the World 2024 report by Cushman & Wakefield. Annual rents on the renowned artery of the Quadrilatero della Moda have reached €20,000 per square meter, compared to New York’s €19,537, which has remained stable for two years. This overtaking marks a pivotal moment, solidifying Milan’s status as a global capital of luxury.

The success of Montenapoleone is the result of an exceptional rise in rents, which have increased by 30% over the past two years, driven by strong demand from luxury brands and the limited availability of retail spaces. Milan has successfully positioned itself as an international reference point for the industry, also benefiting from the euro’s appreciation against the dollar. Unlike cities such as London or Paris, Milan’s iconic street packs an impressive number of prestigious brands into a relatively compact area, making it a unique destination for retailers and an irresistible attraction for tourists and shoppers alike.

In the global ranking of luxury shopping streets, Montenapoleone claims the top spot, followed by Fifth Avenue. London’s New Bond Street ranks third, with €17,210 per square meter, while the Champs-Élysées in Paris maintain fifth place. This first-ever European lead highlights Italy’s growing role in the luxury market, with Rome also close behind thanks to streets like Via Condotti and Piazza di Spagna.

Despite a challenging economic climate, the luxury sector continues to show resilience. Milan’s rise in this ranking is also the result of events like Expo 2015, which strengthened the city’s reputation as a cultural and commercial destination. Moving forward, it will be essential to transform this success into sustainable value for the city and its residents, ensuring that the allure of luxury translates into tangible benefits for the community.