Travelers often fly to New York or Paris just for the shopping experience, but according to a new report, it's Milan that should be called the capital of global shopping. A real estate company has found that Via Monte Napoleone in Milan is the world's most expensive retail destination. US firm Cushman & Wakefield ranked shopping areas based on the rent prices per square meter, and Milan has knocked New York's Fifth Avenue off the top of the list. The average rent on the Milan street has risen to more than $20,800 per square meter compared with about $20,300 per square meter on an 11-block area of upper Fifth Avenue. Via Monte Napoleone's small size — it's just 350 meters long — and walking distance to services and top cultural sites are among the street's key advantages, according to Guglielmo Miani, president of the Monte Napoleone District association. "Not everything can fit, which is a benefit" since the limited space makes the street even more exclusive, said Miani. The biggest brands on the street make more than $100 million in annual sales, Miani said, which goes a long way to paying the rent. Tiffany is preparing to open a store on Via Monte Napoleone, and luxury fashion store Fendi is expanding. The Monte Napoleone District says 11 million people visited the area during the first 11 months of the year, but there's no way to say how many were big spenders and how many were just window shopping. But according to shopping firm Global Blue, the average shopper on Via Monte Napoleone spent $2,600 per purchase between August and November — the highest average receipt in the world. Officials from Fifth Avenue praised Milan for its efforts in making the street — and the city — a desirable place to shop. But they added that the Italian city should enjoy its position at the top of the list while it can!