This Is Now the World’s Most Expensive Shopping Street

A European city has for the first time taken the top spot in a more obscure ranking: most expensive shopping street. Even if you’re not familiar with that yearly analysis by Cushman & Wakefield, you’ve probably heard of New York’s 5th Avenue, which was edged out of first place by Italian financial and fashion capital Milan. Per CNN, Via Monte Napoleone’s rents have increased by 11% in the past year, making the luxury shopping hub the priciest to set up shop. The street, described as “very short” by Thomas Casolo of Cushman & Wakefield, making space extra valuable, is home to luxury brands like Cartier, Celine, Chanel, Gucci, Hermès, and Versace.

Here’s how the luxury retail list shook out across the globe, including how much a square foot costs to rent:

1. Via Monte Napoleone, Milan—$2,047
2. Upper Fifth Avenue, New York City—$2,000
3. New Bond Street, London—$1,762
4. Tsim Sha Tsui, Hong Kong—$1,607
5. Avenue des Champs Élysées, Paris—$1,282
6. Ginza, Tokyo—$1,186
7. Bahnhoftstrasse, Zurich—$981
8. Pitt Street Mall, Sydney—$802
9. Myeongdong, Seoul—$688
10. Kohlmarkt, Vienna—$553

Read the full story on CNN. (10 Best and Worst Real Estate Markets in the US.)