In this year’s 34th edition of the Cushman & Wakefield Main Streets Across the World ranking, the Czech Republic, represented by Pařížská Street, secured 20th place. For the first time, a European street, Via Montenapoleone in Milan, claimed the title of the world’s most expensive shopping street, surpassing the American Upper 5th Avenue in New York. The most expensive street in Asia is Tsim Sha Tsui in Hong Kong.
The Main Streets Across the World survey compares nearly 50 countries, analysing the most expensive shopping streets based on rental prices in 138 prime urban retail locations globally, many of which are associated with the luxury sector. For the third consecutive year, the Czech Republic is represented in this ranking by Pařížská Street. As of Q3 this year, the top achievable rent in Pařížská Street stands at €2,700 per square meter annually or approximately €225 per square meter monthly. Although rents have remained unchanged compared to last year, Pařížská Street has moved down one spot in the country ranking.
Pařížská Street continues to hold growth potential, supported by ongoing projects along the street. Next year, the Fairmont Golden Prague, a five-star hotel, will open alongside a development at Pařížská 25. These projects will introduce a variety of new shops, including brands entering the market for the first time, as well as restaurants, bars, wellness centres, and other concepts. Overall, the retail and leisure space on Pařížská Street will expand by approximately 15%. The recent sale of the building at Pařížská 3, home to Louis Vuitton, handled by Cushman & Wakefield, further underscores the street's appeal to investors.
Other major shopping streets in Prague are also performing exceptionally well. Rents on Na Příkopě and the lower part of Wenceslas Square are around €220 per square meter monthly, ranking among the highest in the Czech Republic, second only to Pařížská Street.
Outside Prague, the second most expensive shopping destination in the Czech Republic is the city centre of Brno, where rents on Česká Street, Masarykova Street, and Náměstí Svobody range between €65–70 per square meter monthly.
Jan Kotrbáček, Partner and Head of Retail Agency, Central & Eastern Europe at Cushman & Wakefield: “Pařížská Street in Prague has long been the primary destination for luxury brands entering Central and Eastern Europe. Each year, we see new stores from global luxury brands opening in the area—last year, for example, Polo Ralph Lauren and Jimmy Choo opened on this street, while MooRER and Zadig & Voltaire established themselves in adjacent streets. This year brands like Balmain Hair Couture and Le Labo have entered the market. The Czech Republic and its capital are undoubtedly highly sought-after European destinations for luxury brands, and Pařížská Street offers a unique setting for showcasing luxury goods. This avenue and its surroundings remain unmatched as the most compact and visually stunning luxury destination in Central Europe, with the widest selection of represented brands set against the backdrop of the city’s historic centre.”
In Europe, Hungary recorded the highest rent growth. Váci Street in Budapest took the lead with a 27% increase. In absolute terms, New Bond Street in London topped the charts, with rents rising by $300, marking a 13% year-on-year increase.
At the other end of the spectrum, only two European locations saw a year-on-year decline in rents: Kalku Street in Riga and Ilica Street in Zagreb.
The ranking results indicate that major retail destinations have successfully overcome challenges posed by rising interest rates and weak economic growth. The retail sector is now benefiting from economic recovery and increasing consumer purchasing power.
