London, where Bond Street went from third to fourth place in the rankings, is still struggling to recover from the pandemic, even though younger luxury buyers have helped boost sales lately. The resilience of the area during the pandemic recession, together with the strength of the US dollar, helped the corridor to top the list of business districts around the world from the second level of a ranking drawn up before the arrival of Covid. The spaces at the top of Fifth Avenue, between 49th and 60th Streets, earn some of the highest average rents, according to a report by Cushman & Wakefield Plc. This iconic avenue serves as a dividing line between the numbering of houses and the west-east streets of Manhattan.
This dynamic helped Milan's Monte Napoleone street to rank third compared to pre-COVID levels, while the famous Champs-Elysées in Paris rounded out the top five. Beyond rental rates, New York City has managed to attract shoppers to its stores at this stage of the pandemic. Among the top ten in North America are Las Vegas Boulevard, Las Vegas; North Michigan Avenue, Chicago; Newbury Street, Boston; Bloor Street; Toronto; Lincoln Road, Miami; Worth Avenue, Palm Beach, and South Congress (SoCo), Austin. Don't be frightened by the status of 5th Avenue, at the right time the sales at clothing stores and other stores are the best you can find, better than bargain stores, etc.
It is 10 km long and starts at Washington Square Park, on the 6th Street level, then crosses the entire center of Manhattan and forms the eastern boundary of Central Park. The Tsim Sha Tsui district of Hong Kong was the second most expensive place, followed by Via Montenapoleone in Milan, New Bond Street in London and the Avenue des Champs Elysees in Paris. Hong Kong's luxury stores have also struggled to recover, in large part, due to the country's travel restrictions, which have discouraged foreign shoppers. (Bloomberg) A section of Fifth Avenue in Manhattan is ranked as the most expensive commercial corridor in the world, as rents exceed pre-pandemic levels.
EU rivals, such as Milan and Paris, are seeing an increase in the number of foreign buyers seeking to take advantage of tax incentives. It is among the most expensive shopping streets in the world and has the most expensive commercial spaces in the world according to the cost per square foot, and houses museums, extraordinary businesses and stores, parks, luxury apartments and historic monuments that recall its history. A new report by Cushman & Wakefield ranked the most expensive shopping streets in the world by rent.