New York’s Fifth Avenue retains top ranking as the world’s most expensive retail destination

New York’s Fifth Avenue retains its top ranking as the world’s most expensive retail destination, despite recording flat rental growth year-over-year (y-o-y), according to Cushman & Wakefield in its 33rd edition of Main Streets Across the World, examining retail rental rates in prime locations in cities around the world.

Milan’s Via Montenapoleone jumped a spot into second, displacing Hong Kong’s Tsim Sha Tsui, which placed third in 2023.

New Bond Street in London and the Avenues des Champs-Élysées in Paris retained fourth and fifth positions, respectively.

The biggest mover was Istiklal Street in Istanbul, up from 31st to 20th position, as rampant inflation caused rents to more than double over the past year

The report focuses on headline rents in best-in-class urban locations across the world that, in many cases, are linked to the luxury sector. The rental values in this specific segment have been relatively immune to additional d