In this year’s 34th edition of the Cushman & Wakefield Main Streets Across the World ranking, the Czech Republic, represented by Pařížská Street, secured 20th place. For the first time, a European street, Via Montenapoleone in Milan, claimed the title of the world’s most expensive shopping street, surpassing the American Upper 5th Avenue in New York. The most expensive street in Asia is Tsim Sha Tsui in Hong Kong.
The Main Streets Across the World survey compares nearly 50 countries, analyzing the most expensive shopping streets based on rental prices in 138 prime urban retail locations globally, many of which are associated with the luxury sector. For the third consecutive year, the Czech Republic is represented in this ranking by Pařížská Street. As of Q3 this year, the top achievable rent in Pařížská Street stands at €2,700 per sqm nnually or approximately €225 per sqm monthly. Although rents have remained unchanged compared to last year, Pařížská Street has moved down one spot in the country ranking.
Pařížská Street continues to hold growth potential, supported by ongoing projects along the street. Next year, the Fairmont Golden Prague, a five-star hotel, will open alongside a development at Pařížská 25. These projects will introduce a variety of new shops, including brands entering the market for the first time, as well as restaurants, bars, wellness centres, and other attractive concepts. Overall, the retail and leisure space on Pařížská Street will expand by approximately 15 percent, alongside the creation of a high-quality public space. The recent sale of the building at Pařížská 3, home to Louis Vuitton, handled by Cushman & Wakefield, further underscores the street’s appeal to investors.
Other major shopping streets in Prague are also performing exceptionally well. Rents on Na Příkopě and the lower part of Wenceslas Square are around €220 per sqm monthly, ranking among the highest in the Czech Republic, second only to Pařížská Street.
Outside Prague, the second most expensive shopping destination in the Czech Republic is the city centre of Brno, where rents on Česká Street, Masarykova Street, and Náměstí Svobody range between €65–70 per sqm monthly.
Jan Kotrbáček, Partner and Head of Retail Agency, Central & Eastern Europe, Cushman & Wakefield, commented: “Pařížská Street in Prague has long been the primary destination for luxury brands entering Central and Eastern Europe. Each year, we see new stores from global luxury brands opening in the area—last year, for example, Polo Ralph Lauren and Jimmy Choo opened on Paris Street, while MooRER and Zadig & Voltaire established themselves in adjacent streets. This year, brands like Balmain Hair Couture and Le Labo have entered the market here. The Czech Republic and its capital are undoubtedly highly sought-after European destinations for luxury brands, and Pařížská Street offers a unique setting for showcasing luxury goods. This avenue and its surroundings remain unmatched as the most compact and visually stunning luxury destination in Central Europe, with the widest selection of represented brands set against the backdrop of the city’s historic centre.”
Globally, Europe Takes the Lead, Followed by the USA
This year’s ranking of the world’s most expensive streets is unique: for the first time, a European shopping street has claimed the top spot. Via Montenapoleone in Milan surpassed Upper 5th Avenue in New York. Rents on this Italian street have risen by nearly a third over the past two years, while rents on Upper 5th Avenue remained unchanged for the second consecutive year. In addition to sustained strong demand from retailers and limited supply, Milan Street also benefited from the strengthening of the euro against the US dollar.
New Bond Street in London took third place, surpassing Tsim Sha Tsui in Hong Kong. With a 10 percent year-on-year increase in rents, Paris’s Avenue des Champs-Élysées retained its fifth position, although Tokyo’s Ginza district narrowed the gap with a 25 percent year-on-year rent increase.
Rents and Ranking Changes
The positive rent growth across Western and Southern Europe reflected a strong influx of tourists during the Olympic year, bolstered by an increased number of visitors, particularly from the USA.
In Europe, Hungary recorded the highest rent growth. Váci utca in Budapest took the lead with a 27 percent increase. In absolute terms, New Bond Street in London topped the charts, with rents rising by $300, marking a 13 percent year-on-year increase.
At the other end of the spectrum, only two European locations saw a year-on-year decline in rents: Kalku Street in Riga and Ilica Street in Zagreb.
In the Americas, Miami’s Design District led with a 66 percent year-on-year rent increase, the highest growth globally.
Overall, rent growth was observed in 79 of the 138 monitored locations, with the global average increase standing at 4.4 percent. The Americas emerged as the best-performing region with 11 percent year-on-year growth, while Europe and Asia experienced slower growth rates of 3.5 percent and 3.1 percent, respectively.
Table 1: Country Rankings by Most Expensive Shopping Streets
Ranking 2024 |
Ranking 2023 |
Country / Market |
City |
Street |
Rent (EUR/sq m/year) |
1
|
2
|
Italy
|
Milan
|
Via Montenapoleone
|
€ 20,000
|
2
|
1
|
USA
|
New York
|
Upper 5th Avenue (49th to 60th Sts)
|
€ 19,537
|
3
|
4
|
United Kingdom
|
London
|
New Bond Street
|
€ 17,210
|
4
|
3
|
China, Hong Kong[2]
|
Hong Kong
|
Tsim Sha Tsui (Main Street stores)
|
€ 15,697
|
5
|
5
|
France
|
Paris
|
Avenue des Champs Elysees
|
€ 12,519
|
6
|
6
|
Japan
|
Tokyo
|
Ginza
|
€ 11,582
|
7
|
7
|
Switzerland
|
Zurich
|
Bahnhofstrasse
|
€ 9,585
|
8
|
8
|
Australia
|
Sydney
|
Pitt Street Mall
|
€ 7,832
|
9
|
9
|
South Korea
|
Seoul
|
Myeongdong
|
€ 6,719
|
10
|
10
|
Austria
|
Vienna
|
Kohlmarkt
|
€ 5,400
|
11
|
11
|
Mainland China
|
Shanghai
|
West Nanjing Road
|
€ 5,095
|
12
|
12
|
Singapore
|
Singapore
|
Orchard Road
|
€ 4,576
|
13
|
14
|
Germany
|
Munich
|
Kaufinger/Neuhauser
|
€ 3,840
|
14
|
13
|
Vietnam
|
HCMC
|
Dong Khoi
|
€ 3,594
|
15
|
15
|
Greece
|
Athens
|
Ermou
|
€ 3,480
|
16
|
17
|
Spain
|
Barcelona
|
Passeig de Gracia
|
€ 3,180
|
17
|
16
|
Ireland
|
Dublin
|
Grafton Street
|
€ 3,024
|
18
|
18
|
Netherlands
|
Amsterdam
|
P.C. Hooftstraat
|
€ 2,800
|
19
|
21
|
Malaysia
|
Kuala Lumpur
|
Suria KLCC
|
€ 2,701
|
20
|
19
|
Czech Republic
|
Prague
|
Pařížská Street
|
€ 2,700
|
Source: Cushman & Wakefield
Outlook for the Luxury Sector
The ranking results indicate that major retail destinations have successfully overcome rising interest rates and weak economic growth challenges. The retail sector now benefits from economic recovery and increasing consumer purchasing power.
Jan Kotrbáček, concluded: “The world’s most expensive shopping streets are defined by limited space availability, often unique architecture, intense competition, and their appeal primarily to the premium and luxury segments. Leading brands must provide their customers with exceptional product presentation and shopping experiences, so they focus on physical stores in the best locations. As shown by this year’s ranking results, the premium and luxury market segments continue to grow, and we expect this trend to persist as conditions improve and tourists return to all major cities.”