Luxury retail real estate news - Here are the Top 10 best luxury shopping streets in Europe in 2024 with the highest Prime Retail Rental Growth, according to Cushman & Wakefield.
Europe has 20 key luxury streets in 12 countries in 2024, where a total of 83 new luxury stores opened, with the fashion & accessories segment accounting for nearly half of all store openings with 41. Jewelry and watches brands opened a total of 26 stores in 2024, up from 21 in 2023, as ‘hard luxury’ continues to appeal to luxury consumers.
Brands owned by LVMH, Richemont and Kering accounted for just over a third of the new stores in Europe, with LVMH leading the field with 15 store openings in 2024.
Luxury retailers have continued to invest in retail real estate in key streets, particularly in London, Paris, and Milan. The trend for luxury shopping streets in Europe is growing with an impressive pipeline of scheduled store openings for 2025 and beyond. Cushman & Wakefield projects that rents on luxury high streets will increase by an average of 1-3% annually between 2025 and 2028.
Top 10 Best luxury shopping streets in Europe with the highest Prime Retail Rental Growth in 2024:
1 – Via Montenapoleone, Milan, Italy
Via Montenapoleone in Milan, Italy, is the best luxury shopping street in Europe with an Annual Prime Retail Rental Growth of over 20%.
A third of luxury streets across Europe reached record high rents in 2024, including Milan’s Via Montenapoleone which is now the most expensive retail destination in the world.
French luxury bags brand Goyard opened its new store at 18, Via Montenapoleone. Other luxury brands opening on the street include Tiffany, Fendi, Bulgari and Prada, while Louis Vuitton is refurbishing its store and Dior is doubling its floor space.
Italy represents a market of 25.5 billion euros in Luxury Retail Sales in 2024, up by 3.9% since 2023.
2 – New Bond street, London, UK
New Bond street in London, UK, is the second-best luxury shopping street in Europe with an Annual Prime Retail Rental Growth of over 20%. London remains a key global luxury retail city which is reflected in the increase in store openings in 2024. Bond Street saw 10 new luxury store openings, up from eight in 2023.
The new luxury brands include Diptyque at 107 New Bond street, Moncler at 43-44 New Bond street, Jacquemus at 33 New Bond street. US private equity investor Blackstone acquired landmark retail property at 130-134 New Bond street, that is leased to luxury brands such as Breitling and Church’s.
The United Kingdom represents a market of 22.6 billion euros in Luxury Retail Sales in 2024, up by 5.9% since 2023.
3 – José Ortega y Gasset street, Madrid, Spain
José Ortega y Gasset street in Madrid, Spain, is the third-best luxury shopping street in Europe with an Annual Prime Retail Rental Growth of over 20%.
Spain represents a market of 7.1 billion euros in Luxury Retail Sales in 2024, up by 1% since 2023.
4 – Avenue des Champs-Élysées, Paris, France
Avenue des Champs-Élysées in Paris, France, is the fourth-best luxury shopping street in Europe with an Annual Prime Retail Rental Growth of between 5-10%.
Luxury watch brand IWC Schaffhausen opened a store with 232 sqm in Avenue des Champs-Élysées in May 2024.
France represents a market of 24.5 billion euros in Luxury Retail Sales in 2024, up by 2.9% since 2023.
5 – Bahnhofstrasse street, Zürich, Switzerland
Bahnhofstrasse street in Zürich, Switzerland, is the fifth-best luxury shopping street in Europe with an Annual Prime Retail Rental Growth of between 5-10%. It is the prime shopping street in Zürich.
New luxury stores include Balenciaga, Tumi and Tudor.
Switzerland represents a market of 5.2 billion euros in Luxury Retail Sales in 2024, up by 8% since 2023.
6 – Rue du Rhône, Geneva, Switzerland
Rue du Rhône in Geneva, Switzerland, is the sixth-best luxury shopping street in Europe with an Annual Prime Retail Rental Growth of between 5-10%.
New luxury stores include Dior and Hermès.
Switzerland represents a market of 5.2 billion euros in Luxury Retail Sales in 2024, up by 8% since 2023.
7 – Avenida da Liberdade, Lisbon, Portugal
Avenida da Liberdade in Lisbon, Portugal, is the seventh-best luxury shopping street in Europe with an Annual Prime Retail Rental Growth of between 5-10%. Avenida da Liberdade continued to attract new luxury brands in 2024, with a total of five new openings.
Here are all the luxury brands that opened in Lisbon’s Avenida da Liberdade in 2024:
1 - Italian fashion brand Paul & Shark opened a 190 m² store in the Liberdade 242 building in December
2 - Italian furniture design brand Molteni&C opened its first flagship store in Lisbon at Liberdade 254 in May with around 400 m² spread over two floors.
3 - Patek Philippe, in partnership with David Rosas, opened its first boutique in the Liberdade 12 building in September. Measuring approximately 200 m², this store houses a bar and a private VIP room.
4 - IWC Schaffhausen, in partnership with the Tempus Group, also opened its first boutique in Portugal at 117 Avenida da Liberdade in December, featuring a bar and works by Portuguese artist Camila Nogueira.
5 - Cartier has reopened its flagship store in Lisbon, at no. 240.
“Avenida da Liberdade is the destination par excellence for international luxury brands, and the fact that it is located in the prime CBD – where the headquarters of major companies and 5-star hotels are located – creates the perfect habitat for these brands,” stated Maria José Almeida, Associate and luxury retail specialist at Cushman & Wakefield Portugal, adding: “The vacancy rate on Avenida da Liberdade is just 2%, the same as that recorded at the end of 2023. The continued demand on this artery of the capital has driven the growth of rents, which have risen by more than 9% since the end of 2023.”
Portugal represents a market of 0.9 billion euros in Luxury Retail Sales in 2024, up by 4.9% since 2023.
8 – Serrano street, Madrid, Spain
Serrano street in Madrid, Spain, is the eighth-best luxury shopping street in Europe with an Annual Prime Retail Rental Growth of between 5-10%.
At Calle de Serrano and Calle de José Ortega y Gasset in Barrio Salamanca, the most exclusive area in Madrid, the new luxury stores include LVMH brands Fendi, Rimowa and Tiffany and Co. Other new luxury brands stores include Herno and Golden Goose.
In 2025, Madrid’s luxury shopping street will include brands such as Van Cleef & Arpels, Chopard and Carrera y Carrera.
Spain represents a market of 7.1 billion euros in Luxury Retail Sales in 2024, up by 1% since 2023.
9 – Passeig de Grácia, Barcelona, Spain
Passeig de Grácia in Barcelona, Spain, is the ninth-best luxury shopping street in Europe with an Annual Prime Retail Rental Growth of between 5-10%.
Three new luxury stores opened in Passeig de Grácia in Barcelona in 2024, including watch brands Panerai and Tudor.
Spain represents a market of 7.1 billion euros in Luxury Retail Sales in 2024, up by 1% since 2023.
10 – Biblioteksgatan, Stockholm, Sweden
Biblioteksgatan in Stockholm, Sweden, is the tenth-best luxury shopping street in Europe with an Annual Prime Retail Rental Growth of between 5-10%.
Sweden represents a market of 1 billion euros in Luxury Retail Sales in 2024, up by 1.9% since 2023.