Luxury shopping streets: New Bond Street reigns supreme, with Via Strozzi in Florence making a big leap forward

The race for high-street retail space amongst luxury brands continues, but Via Montenapoleone in Milan has lost its crown as Europe’s most expensive shopping street, whilst rents there remain stable at 20,000 euros per square metre per year – a figure that earned it the title of the world’s most expensive street in 2024. Italia remains one of the powerhouses of luxury retail, albeit having ceded the top spot to New Bond Street in London, where rents have risen by 22 per cent to €20,482. These are the top two European streets globally, according to the picture painted by the ‘Main Streets Across the World’ report by Cushman & Wakefield. The vitality of the Milanese market is shifting towards areas such as Corso Vittorio Emanuele, the new barometer of brand confidence: with a 17 per cent increase in rents, it has risen to 11th place in Europe and is approaching the levels of Piazza di Spagna in Rome. ““Demand remains strong on Montenapoleone,” notes Thomas Casolo, head of Retagil at Cushman & Wakefield Italia – “but supply is scarce and poorly aligned with brands’ requirements, as they seek larger, more flexible spaces capable of accommodating the kind of experience that often incorporates a dining component, as we have seen with Louis Vuitton, Tiffany and Fendi.” Further redevelopment projects are expected, such as the refurbishment of the new Dior store on Montenapoleone. Elsewhere in Italia, the trend is positive. Rome is reinforcing its central role with Via Condotti, ranked third in Europe with rents at 16,000 euros per square metre per year (+7 per cent), whilst Piazza di Spagna remains in tenth place with stable figures. Florence has delivered one of the surprises of the year: Via Strozzi has grown by 30 per cent, jumping to 13th place in Europe and confirming its status as one of the Old Continent’s most dynamic destinations. The country as a whole is outperforming the European average. London is the focus of attention: in addition to New Bond Street, Oxford Street and Regent Street are also growing. Paris maintains solid and stable values along its luxury thoroughfares, from the Champs-Élysées to Saint-Honoré. The global picture is mixed. The Americas lead the regional performance rankings with an average increase of 7.9 per cent. The surge in Oscar Freire Jardins in São Paulo is impressive (+65%), whilst in the United States rents are rising more moderately, with New York remaining stable at the top – third in the world with Upper Fifth Avenue – and increases of over 8 per cent on Madison Avenue and in SoHo. Growth in the Asia-Pacific region has slowed: strong increases were recorded in India’s major cities, whilst Hong Kong continues to show signs of weakness.Italia, Casolo points out, has achieved an extraordinary transformation: from a market that was absent from the top ten thirty years ago to a stable contender on the global podium with Milan, and with Rome and Florence in the European top 20. The main luxury shopping streets are no longer simply commercial spaces, but genuine experiential stages, where brands define their image through architecture, heritage and storytelling. The sector is heading towards 2026 in a more stable macroeconomic environment. Italian consumers continue to prioritise affordability and value, but they do not compromise on experiences or brands with a strong identity.Among other cities, Venice could see significant growth in the luxury segment, partly thanks to the Bauer redevelopment project and a possible shift in the luxury district towards Calle XXII Marzo. Among other cities, Florence has already shown significant growth, closely linked to tourism. The trend for shops in resort destinations such as Capri, Taormina, Forte dei Marmi and Portofino is set to continue. Which streets are worth betting on for the future? There are actually two: Via Filangeri and Via dei Mille in Naples.