MILAN –
Shoppers laden with bags from Fendi, Loewe, Prada and other designer labels clog the narrow sidewalks of Milan’s swankiest shopping street, bringing joy to the purveyors of high-end luxury goods this, and every, holiday season.
There’s even more to celebrate this year: a commercial real estate company has crowned Via MonteNapoleone as the world’s most expensive retail destination, displacing New York’s Fifth Avenue.
The latest version of American firm Cushman & Wakefield’s annual global index, which ranks shopping areas based on the rent prices they command, is a sign of Via MonteNapoleone’s desirability as an address for luxury ready-to-wear, jewelry and even pastry brands.
The average rent on the Milan street has surged to 20,000 euros per square metre (US$2,047 per square foot), compared with 19,537 euros per square metre ($2,000 per square foot) on an 11-block stretch of upper Fifth Avenue.
Via MonteNapoleone’s small size — just 350 metres …