Milan’s iconic Via MonteNapoleone has officially dethroned New York’s renowned Fifth Avenue as the most expensive shopping street in the world. Shoppers packed with high-end bags from luxury labels like Fendi, Prada, and Loewe fill the narrow streets of Milan’s premier shopping district, creating a festive atmosphere this holiday season.
According to the latest global retail index from Cushman & Wakefield, a commercial real estate company, Via MonteNapoleone has claimed the top spot, with an average rent price of 20,000 euros per square meter ($2,047 per square foot). This outpaces Fifth Avenue’s 11-block stretch, which commands 19,537 euros per square meter ($2,000 per square foot).
The significant price jump marks Via MonteNapoleone’s growing reputation as a must-visit destination for luxury fashion, jewelry, and even gourmet pastry brands. Despite being only about a quarter-mile long, its prime location near cultural landmarks makes it an extremely desirable address for high-end retailers.
Guglielmo Miani, president of the MonteNapoleone District association, noted that the small size of the street is actually an advantage, as it enhances the exclusivity and dynamism of the area. Along with neighboring streets, Via MonteNapoleone forms Milan’s famous Fashion Quadrilateral.
Top luxury brands along the street generate annual sales between 50 million euros ($52.4 million) and 100 million euros. New brands, like Tiffany & Co., are expanding into the district, and long-established names such as Fendi are expanding their presence.
With approximately 11 million visitors passing through this year (through November), the street draws major spenders. Shoppers on Via MonteNapoleone spent an average of 2,500 euros ($2,624) per purchase, the highest worldwide, according to Global Blue, a tax-free shopping service.
This high-spending crowd arrives in style, driving Maseratis, Porsches, and even Ferraris to the area. Amidst twinkling holiday lights and festive displays, Milan’s luxury shopping scene dazzles visitors. Tourists like Chen Xinghan, who saved significantly on a Fendi coat, can’t resist the bargains, while others like Franca Da Rold, a visitor from Italy’s Dolomites, marvel at the high-end fashion and prices that accompany it.
While Fifth Avenue now ranks second on the list, its guardians are optimistic about the future. Madelyn Wils, interim president of the Fifth Avenue Association, praised Milan’s public investment and believes that Fifth Avenue will soon reclaim its top spot with new developments and record sales.
Source: CBS News
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