MILAN (AP) — This holiday season, Milan’s luxury shopping street, Via MonteNapoleone, is bustling with shoppers carrying bags from top designer brands like Fendi, Loewe, and Prada. The ambiance delights vendors of high-end luxury goods, making it a particularly joyful time for them.
This year brings additional excitement, as a well-known commercial real estate firm has declared Via MonteNapoleone the world’s most expensive retail location, surpassing New York’s Fifth Avenue. According to the latest annual global index by American firm Cushman & Wakefield, which ranks shopping districts based on rental prices, Via MonteNapoleone has solidified its status as a sought-after destination for luxury ready-to-wear, jewelry, and gourmet pastry brands.
The average rent in this exclusive Milan street has reached 20,000 euros per square meter (approximately $2,047 per square foot), exceeding the 19,537 euros per square meter ($2,000 per square foot) rental average on an elite stretch of Fifth Avenue.
Guglielmo Miani, president of the MonteNapoleone District association, emphasizes that the street’s small size—just 350 meters long—coupled with its proximity to top cultural attractions and services, enhances its appeal. This limited space contributes to the street’s exclusivity and vibrant atmosphere as it accommodates only the most sought-after brands and boutiques.
Miani points out that major brands in the area see annual sales between 50 million and 100 million euros, which significantly helps cover high rental costs. Exciting developments include Tiffany & Co.’s plans to open a location on Via MonteNapoleone and Fendi’s ongoing expansion.
According to the MonteNapoleone District, around 11 million visitors have explored the area this year through November; however, tracking how many were high spenders or mere window shoppers remains challenging. Between August and November, shoppers at Via MonteNapoleone averaged an impressive 2,500 euros per purchase—the highest in the world, as reported by the tax-free shopping firm Global Blue.
The street has become a hub for glamorous holiday shoppers arriving in extravagant vehicles such as Maseratis, Porsches, and even Ferraris, despite their limited trunk space. Twinkling lights adorn the streets, boutique displays feature mannequins in festive settings, and beautifully decorated pastries attract the attention of passersby snapping photos.
A few stores down, Franca Da Rold, visiting from Belluno in the Dolomites, couldn’t help but marvel at an oversized knit scarf priced at 980 euros. “I could knit that in one hour,” she claimed, complementing her skills with the amusing observation of how easy it would be to create such an item. Nevertheless, she recognized the allure of brand prestige that comes with such luxurious items.
Despite Fifth Avenue falling to the second position on the Cushman & Wakefield list, the organization responsible for promoting Manhattan’s iconic street commended MonteNapoleone for its feat. Madelyn Wils, interim president of the Fifth Avenue Association, remarked, “Milan’s investment in its public space is yielding positive results, benefiting shoppers, businesses, and the city overall.” She remains optimistic about Fifth Avenue reclaiming its top spot with new investments and a record sales year ahead.
