Bag-laden shoppers from Fendi, Loewe, Prada and other designer brands clog the narrow sidewalks of Milan’s chicest shopping street, bringing joy to purveyors of high-end luxury goods this and every holiday season.
There’s even more to celebrate this year: a commercial real estate firm has crowned Via MonteNapoleone as the world’s most expensive shopping destination, displacing New York’s Fifth Avenue.
The latest version of the annual global index of the American firm Cushman & Wakefield, which ranks commercial areas according to the rental prices they ask, is an example of the suitability of Via MonteNapoleone as an address for brands of ready-to-wear, jewelery and even pastry luxury.
The average rent on Milà Street has risen to 20,000 euros per square meter ($2,047 per square foot), compared to 19,537 euros per square meter ($2,000 per square foot) in an 11-block stretch of upper Fifth Avenue.
Luca Bruno / AP
According to Guglielmo Miani, president of the MonteNapoleone district association, Via MonteNapoleone’s small size (it’s less than a quarter of a mile long) and walking distance to amenities and major cultural sites are among the main advantages from the street
“Not everything can fit, which is a benefit,” as the limited space makes the street even more exclusive and dynamic, said Miani, whose group also represents businesses on intersecting side streets which together with Via MonteNapoleone form an area known as Milan Fashion. quadrilateral
The high street’s biggest brands make between 50 million euros ($52.4 million) and 100 million euros in annual sales, Miani said, which largely helps pay the rent. Tiffany & Co. is preparing to set up shop on Via Montenapoleone, and longtime tenant Fendi is expanding.
The MonteNapoleone district says 11 million people have visited the area this year through November, but there’s no way to tell how many spent big compared to window shopping. The average Via MonteNapoleone shopper spent 2,500 euros ($2,624) per purchase between August and November, the highest average receipt in the world, according to duty-free shopping firm Global Blue.
The street is a magnet for holiday shoppers who arrive in Maseratis, Porsches and even Ferraris, despite the sports car’s limited boot space. Lights twinkle overhead, boutique windows feature mannequins taking part in heartwarming scenes of holiday fun, and passers-by snap photos of expertly decorated cakes in pastry displays.
A visitor from China, Chen Xinghan, was waiting for a taxi with half a dozen shopping bags lined up next to him on the sidewalk. She said she paid half the price for a luxury Fendi coat she bought in Milan than she would have at home.
“I have a lot of it,” Chen admitted. “It’s a great place, a great place to shop.”
A few shop windows down, Franca Da Rold, who was visiting Milan from Belluno, an Italian town in the Dolomite mountain range, marveled at a meter-long chunky knitted scarf priced at €980 ($1,028).
“I could knit this in an hour, using 12-gauge knitting needles as thick as my fingers and thick wool. Two hours max,” Da Rold said, but he acknowledged the appeal of the brand.
Although Upper Fifth Avenue was bumped to the No. 2 spot on Cushman & Wakefield’s list, the organization that serves as the Manhattan street’s guardian and lead developer praised MonteNapoleone’s success.
“Milan’s investment in its public realm is paying off, which is a win for its shoppers, businesses and the city as a whole,” said Madelyn Wils, interim president of the Fifth Avenue Association .
But he also expressed confidence that with new investments and a record year of sales on Fifth Avenue, “we’ll be back on top in no time.”