However, there is also a location in Portugal that is featured on the list of the top 30 most expensive high-street retail locations in the world.
According to the study 'Main Streets Across the World', by Cushman & Wakefield, Chiado in Lisbon is 27th on the list.
According to Notícias ao Minuto, 5th Avenue thus regained first place in the ranking, after losing, in 2019, to Causeway Bay, in Hong Kong.
"Currently, the emblematic avenue is the most expensive high street retail location in the world, with an average annual income of €21,076 per square metre".
"The indexation of the Hong Kong Dollar to the US Dollar allowed Hong Kong to maintain its second position in the ranking, with Tsim Sha Tsui practicing an average annual income of €15,134 per square meter, replacing Causeway Bay as the territory's representative location", says the consultant.
Thirdly, "the first European location appears at Via Montapoleone, in Milan, with an average annual income of €14,547 per square metre. It is the first time that this location has ranked first in Europe, surpassing New Bond Street in London and the Champs Élysées in Paris".
In Portugal, the most expensive location is Chiado, Lisbon, "which rose two positions in the ranking compared to 2019, now ranking 27th worldwide".
"Prime rent on Rua Garret, a reference axis in Chiado, has been registering a very significant increase since 2013, the year in which high street retail in Portugal began to register strong growth - currently standing at €1,426 per square metre, a value five times higher than that recorded 30 years ago in the most expensive area of Lisbon".
Sandra Campos, director of the retail department at Cushman & Wakefield Portugal, says, quoted in a statement, that "retail is undoubtedly one of the most dynamic sectors in real estate"
"Directly impacted by good and bad events, it has been responding with great insight to the most unusual challenges that the world has been witnessing, capable of constantly reinventing and adapting, contradicting claims that physical retail tends to assume a reduced role in the future".