• Hong Kong's Tsim Sha Tsui maintains a high global ranking position as the world's 4th most expensive retail street; the area continued to top the APAC ranking as region's the most expensive retail destination
• Via Montenapoleone becomes the first European shopping street to top the rankings, overtaking New York's Upper 5^th Avenue
• Rents increased in 79 of the 138 locations tracked, declining in just 19, with global average rental increase of 4.4%

HONG KONG SAR - Media OutReach Newswire - 21 November 2024 - Milan's Via Montenapoleone, where rents have risen by nearly a third in the past two years, has overtaken New York's Upper 5th Avenue to be crowned the world's most expensive retail destination, according to Cushman & Wakefield (NYSE: CWK). It is the first time a European street has topped the global rankings in the firm's flagship retail report 'Main Streets Across the World'. Now in its 34th edition, the report focuses on headline rents in 138 best-in-class urban retail locations across the globe, many of which are linked to the luxury sector, utilising Cushman & Wakefield's proprietary data. The global index ranks the most expensive destination in each market. Synonymous with fashion and luxury, Via Montenapoleone has steadily climbed the rankings in recent years, reaching second for the first time in 2023. Rents rose 11% to US$2,047 per square foot (psf) in the past 12 months, whereas rents on Upper 5th Avenue (US$2,000) remained flat for a second consecutive year. Alongside continuing strong retailer demand amid constrained supply, Via Montenapoleone also benefitted from the euro's appreciation against the U.S. dollar. London's New Bond Street (US$1,762) leapfrogged Hong Kong's Tsim Sha Tsui to take third, despite the latter's positive rental growth. With 10% year-on-year (YOY) rental growth, Paris's Avenue des Champs Élysées retained fifth position, although Tokyo's Ginza district narrowed the gap with a 25% YOY increase. Main Streets Across the World – Global Ranking by Market 2024

Global Ranking 2024	Global Ranking 2023	Location	Rent (USD/sq.ft/yr)	Rent (EUR/sqm/yr)	YOY (LCY)
1	2	Via Montenapoleone, Milan	$2,047	€ 20,000	11%
2	1	Upper 5th Avenue (49th to 60th Sts), New York	$2,000	€ 19,537	0%
3	4	New Bond Street, London	$1,762	€ 17,210	13%
4	3	Tsim Sha Tsui (main street shops), Hong Kong	$1,607	€ 15,697	7%
5	5	Avenue des Champs Élysées, Paris	$1,282	€ 12,519	10%
6	6	Ginza, Tokyo	$1,186	€ 11,582	25%
7	7	Bahnhofstrasse, Zurich	$981	€ 9,585	1%
8	8	Pitt Street Mall, Sydney	$802	€ 7,832	0%
9	9	Myeongdong, Seoul	$688	€ 6,719	3%
10	10	Kohlmarkt, Vienna	$553	€ 5,400	5%

Source: Cushman & Wakefield Competitive tension for limited space saw YOY rental growth recorded in 57% (79) of the 138 locations tracked, declines in just 14% (19), with the remainder 29% (40) flat. This resulted in a global average rental increase of 4.4%. Americas was the strongest performer regionally at 8.5%, driven by rental growth of almost 11% in the U.S. – more than double the 5.2% recorded last year – followed by Europe and Asia Pacific at 3.5% and 3.1% respectively. Rents across the 138 locations are now on average nearly 6% above pre-pandemic levels. Global Outlook Prime retail destinations have mostly successfully weathered the storm precipitated by interest rate hikes to curb inflation in 2022 and 2023, which led to a rapid increase in the cost of living, weak consumer sentiment and sluggish economic growth. Retail now stands to benefit from the gathering pace of interest rate cuts, economic recovery, easing cost of living pressures, and real wage increases. Report author Dr. Dominic Brown, Cushman & Wakefield's Head of International Research, said: "Increased discretionary spending among consumers will further boost the performance...