MADRID – A good way to find out what the main shopping tourism destinations are is to see where the biggest and most exclusive brands are vying for a spot. That is, what are the shopping streets (otherwise known as the golden miles) with the highest rent?
Of the nearly fifty most expensive ‘golden miles’ in the world, only one is in Spain. The most exclusive and expensive brands also want a branch in those locations. However, that struggle drives up rents. And the more exclusive and expensive brands are present in one shopping area or street, the more attractive the destination becomes for shopping tourism.
Related post: Where is the most expensive street in Spain and what is the cheapest neighbourhood?
Real estate service provider Cushman & Wakefield therefore annually prepares the Main Streets Across the World report. It lists the most expensive ‘golden miles’ in the world. But, in the 2022 ranking, there is one Spanish.
First place for New York
The ranking of the most expensive shopping streets in the world is dominated by Upper 5th Avenue in New York (United States), 49th – 60th street. Here are some of the shops frequented by protagonists such as Carrie Bradshaw in iconic television series such as Sex and the City. This street attracts thousands of shoppers every day, including hundreds of tourists. It is not surprising that rents in this glamorous neighbourhood are €21,076 per square metre per year.
Top five golden miles
The top five are completed by the following;
- Tsim Sha Tsui in Hong Kong (€15,134 m2/y)
- Via Montenapoleone, in Milan (Italy) with €14,547 per square metre per year
- New Bond Street in London (UK) at €14,346/m2
- Avenue de Champs Elysees at €11,069/m2 per year.
Spanish entry
The first and only Spanish street is Passeig de Gràcia, in Barcelona. With average rents of €2,677 per square metre per year, one of the most touristic places in the Catalan capital occupies 18th place in the ranking. Compared to the pre-pandemic period, this street has dropped two spots.
- You can consult the full ranking here.
