Via MonteNapoleone in Milan has been officially named as the most expensive shopping road, overthrowing New York’s Upper Fifth Avenue.
Cushman & Wakefield’s global annual index shows that the average rental for Fifth Avenue is EUR19.537/square meter, while Milanese Street commands EUR20,000/square metre.
Via MonteNapoleone’s rents have risen by 11% compared with last year. This shows the high demand for luxury goods, including haute couture, fine jewelry, and even pastries.
European cities rise in global rankings
Fifth Avenue fell to the second spot, while London’s New Bond Street rose to the third place. It boasted a 13 percent increase in rents, reaching EUR17.210 per square metre.
Rents on the Avenue des Champs-Elysees in Paris increased by 10%, to EUR12 519 per sq. metre.
Tsimshatsui in Hong Kong fell to number four, and other European streets such as Zurich Bahnhofstrasse (seventh) or Vienna Kohlmarkt (10th) also made the list.
Cushman & Wakefield’s global report showed rent increases on 79 out of 138 streets surveyed.
European cities have shown strong growth in recent years, especially Italy, France and the UK. This is due to a demand for retail space that caters to luxury goods.
Source Cushman & Wakefield
Why is Via MonteNapoleone such a special brand?
Via MonteNapoleone, a 350-metre stretch of the Fashion Quadrilateral in Milan, combines luxury with exclusivity and proximity to cultural attractions.
Guglielmo Miani said that the compactness of the MonteNapoleone District was its biggest advantage.
Miani, in an interview with Euronews, said that the limited amount of space makes it more dynamic and exclusive.
Fendi, a long-term tenant, and Tiffany’s (which will soon be arriving) are among the top brands that generate sales of between EUR50 and EUR100 millions.
The high rents are offset by this level of turnover.
From January through November, the district saw 11 million visitors. However, exact numbers for window shoppers versus big-spenders are still elusive.
Global Blue reports that the average revenue on Via MonteNapoleone from August to November is EUR2,500. This is the highest worldwide.
Its reputation as a luxury street attracts wealthy shoppers. You can often see Maseratis and Porsches outside the stores.
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The demand for retail space in high-traffic locations is a testament to the importance of physical spaces as part of a brand’s strategy.
These internationally-recognized streets provide brands with the chance to enhance their customer experience and strengthen their brand presence. “Luxury and mass-market companies are increasingly relying upon physical stores to extend their brands and display exclusive products,” Andreas Siebert said, Head of Retail Investment Germany for Cushman & Wakefield.
Milan’s Via MonteNapoleone is the epitome luxury. Its rise in retail reflects global trends, including exclusivity, experience, and culture.
Fifth Avenue in New York remains the retail powerhouse despite being pushed to second.
Madelyn Wis, the interim president of Fifth Avenue Association acknowledged Milan’s achievements but expressed her confidence in Fifth Avenue’s future.
Wils, as quoted by Euronews, said that “Milan’s investment in the public realm has paid off. But with new investments, and record sales we will be back in top form in no time.”
First published on The ICD, the post Milan’s Via MonteNapoleone has become world’s most expensive street
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