Urban logistics is a key step of distribution chains. It implies the use of trucks in congested areas, and generates numerous externalities (congestion, noise, pollution, etc.). In addition, supply chain configurations and consumer behaviors are undergoing deep changes. This implies a significant increase urban logistics’ intensity, and a diversification of delivery channels within cities. This is an important challenge for city sustainability, as urban logistics is an essential economic activity, and yet the source of intense negative externalities. Numerous directions are currently being explored to rethink urban logistics, such as drones, cargo bikes, crowd logistics, etc. However, the economic and environmental relevance of these technologies is not yet perfectly clear. This paper focuses on the conditions of the financial sustainability of cargo bikes compared to electric light commercial vehicles – LCV. The analysis of this paper is based on real data, provided by the parcel service company DB Schenker. The dataset consists of 600,000 operations made in Paris over two months. Operations with electric LCV are assumed to be identical to conventional LCV; the cost comparison is based on a total cost of ownership approach. Operations with cargo bikes assume that eligible shipments are first brought to micro-hubs within the city with an electric LCV, then delivered by cargo-bike. The number and location of micro-hubs are optimized. The results show that a cargo bike solution can be more cost-efficient than electric LCV with few micro-hubs, located where the demand is the densest as they can only be relevant financially there.