Via MonteNapoleone: Milan's Splendid Street Beats New York

Amidst the celebrated fashion capital Milan, there is currently bustling activity on Via MonteNapoleone. Shoppers, laden with bags from luxury brands like Fendi, Loewe, and Prada, stroll through the elegant shopping street, making the hearts of luxury goods manufacturers race. The renowned real estate experts from Cushman & Wakefield have bestowed a special honor upon Via MonteNapoleone: for the first time, it tops their annual global index, dethroning New York's Fifth Avenue as the most expensive shopping address in the world. Rents on Milan's showcase street have climbed to an average of a proud 20,000 euros per square meter. A crucial advantage of Via MonteNapoleone, according to Guglielmo Miani, president of the MonteNapoleone District Association, lies in its compact size of just 350 meters in length as well as its proximity to cultural highlights of the city. The limited space makes the street an exclusive and dynamic destination for luxury brands. Prominent names like Tiffany & Co. plan to make the coveted address their new home, while Fendi is expanding its existing presence there. The annual turnover of the largest brands on the street ranges between 50 and 100 million euros – a sum that clearly justifies the high rents. With 11 million visitors by November, the street attracts both international customers and onlookers arriving in noble vehicles like Maseratis and Ferraris. Despite the splendid shop windows and sparkling lights, it remains unclear how many of these visitors actually spend large sums. Nevertheless, between August and November, shoppers here have left an average of 2,500 euros per purchase, making the street record the highest average receipt worldwide.