Milan’s Via Monte Napoleone has for the first time beaten New York and London to be the world’s most expensive shopping street, as the Italian city benefits from an influx of affluent tourists and fierce competition for prime real estate among luxury brands.
Top rents that landlords can charge luxury retailers on the street have jumped 11 per cent in a year to €20,000 a square metre annually, the highest headline rent for shops in any of the 138 global retail destinations tracked by real estate group Cushman & Wakefield.
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