The 10 Most Expensive Shopping Streets in the World

If you lease a shop in Pitt Street Mall in Sydney, you probably know you’re in Australia’s most expensive (and busiest) retail strip. You’ll be paying an average of $13,900 per square metre per year. But did you know you’re also amongst the most expensive shopping streets in the world?

Here’s the current top ten list…

10. Kohlmarkt, Vienna ($7,535 AUD)

Coming in at tenth place is Kohlmarkt – Vienna, where you’ll find luxury brand stores like Dolce & Gabbana, Cartier and Tiffany & Co. Attracting a comfortable A$7,535 per sqm, the street was originally known as ‘Coal Market’ and is one of the oldest streets in the city.

9. Bahnhofstrasse, Zurich ($12,514 AUD)

Even if you weren’t to enter any of the stores, strolling down Bahnhofstrasse from end-to-end would take about 20 minutes. Luxury fashion brands like Giorgio Armani and Louis Vuitton can be found here, as well as a department store, perfumeries and watch shops, as well as some of the best Swiss delicacies.

Retailers can expect to pay A$12,514 per sqm to set up shop here.

8. Myeong-dong, Seoul ($13,087 AUD)

Known for the best shopping, street food, and nightlife in all Korea, Myeong-dong in Seoul attracts one-to-two million shoppers every day! Along this bustling strip, you’ll find a huge range of tenants including beauty stores, like Nature Republic and Olive Young, small boutiques to major department stores.

7. Pitt Street Mall, Sydney ($13,900 AUD)

Situated in the heart of the Sydney CBD and spanning over two blocks, Pitt Street comes in at seventh place. Accommodating over 600 stores, including Tag Heuer, Gucci and Zara, Pitt Street is just a short stroll to Darling Harbour, Hyde Park and vibrant Chinatown.

It’s also considered Australia’s busiest retail strip, attracting rents of A$13,900 per sqm.

6. Ginza, Tokyo ($17,577 AUD)

The Ginza is Tokyo’s most famous luxury shopping, dining and entertainment district and the most expensive place to rent in Japan. It’s a massive area that accommodates shopping centres, as well as boutique shops for leading global brands. It’s also home to the flagship stores of Japan’s best-known, high-end department stores. (And it’s where you’ll find the infamous $10 cup of coffee – YIKES!)

The average rent here is A$17,577 per sqm. 

5. Via Montenapoleone, Milan ($21,126 AUD)

Considered the most prestigious street in Milan, Via Montenapoleone gave its name to the entire district (known as Montenapoleone) and truly reflects Milan’s reputation as the ‘fashion capital’ of the world. Renowned for high-end fashion stores like Prada and Yves Saint Laurent, the street generates a whopping 25% of the city’s international shopping turnover!

A true luxury fashion destination, retailers can expect to pay A$21,126 per sqm.

4. Avenue des Champs Élysées, Paris ($21,896 AUD)

In fourth place, overtaking Via Montenapoleone – Milan, this year is Avenue des Champs Élysées in Paris. Often described as the “World’s most beautiful avenue,” international tourists flock to the area – and the retailers are only too willing to cater to them. From high-end, luxury brands to affordable labels and foodie delights, there really is something for everyone in this prestigious location.

Attracting A$21,896 in rent per sqm, this historic avenue runs from Place de la Concorde to the famous Arc de Triomphe. It’s also the starting point for the Schneider Electric Marathon de Paris and the finish line for the Tour de France.

3. New Bond Street, London ($25,149 AUD)

New Bond Street held its third-place position this year. Situated in London’s West End, it remains the most expensive European location and is where you’ll find the likes of Cartier, Hermes, Chanel, Dior and Ralph Lauren. Retailers here can expect to pay A$25,149 per sqm.

2. Upper Fifth Avenue, New York ($32,539 AUD)

Slipping to second place this year, the section between 49th and 60th streets attracts rents of A$32,539 per sqm. It’s where you’ll find luxury department stores/retailers like Saks, Van Cleef & Arpels, Tiffany & Co., Gucci, and Louis Vuitton. It’s also just a short stroll away from iconic Times Square and Central Park.

Reports show the reason this spot slipped to 2nd place is because of falling rents (down 25%). This is largely due to the increased vacancy in the area.

1. Causeway Bay, Hong Kong ($38,506 AUD)

Recently overtaking Upper Fifth Avenue, Causeway Bay’s Russel Street comes in at first place this year, costing a whopping A$38,506 per sqm! Major international retailers view this area as the premier location to establish their presence in Asia. So, they’re willing to pay top dollar to secure a spot.

This is the 6th time in 30 years that this street has taken the number one spot.