MILAN — This holiday season, the luxurious shopping street of Via MonteNapoleone in Milan is bustling with customers carrying bags from prestigious brands like Fendi, Loewe, and Prada, much to the delight of luxury retailers. This year brings an extra layer of celebration as a commercial real estate firm has named Via MonteNapoleone the most expensive retail spot in the world, surpassing New York’s Fifth Avenue.
According to the latest annual global index by Cushman & Wakefield, a U.S.-based firm that ranks shopping areas by rental costs, Via MonteNapoleone has emerged as an appealing location for high-end fashion, jewelry, and even fine pastry shops. The average rent on this exclusive street has reached an impressive 20,000 euros per square meter (approximately $2,047 per square foot), compared to 19,537 euros per square meter ($2,000 per square foot) for an affluent section of Fifth Avenue that spans 11 blocks.
The street’s compact length of just 350 meters (less than a quarter of a mile) and its proximity to major cultural sites lend it significant appeal, as noted by Guglielmo Miani, president of the MonteNapoleone District association. Miani elaborated that the limited space enhances its exclusivity and vibrancy, stating, “Not everything can fit, which is a benefit.” The association also represents businesses on adjacent streets that contribute to the area known as Milan’s Fashion Quadrilateral.
Prominent brands on Via MonteNapoleone report annual sales that range between 50 million euros and 100 million euros, allowing them to comfortably cover their rental expenses. Recently, Tiffany & Co. has announced plans to move into the district, and established tenant Fendi is looking to expand its current location. The MonteNapoleone District revealed that approximately 11 million visitors flocked to the area this year up until November; however, it remains unclear how many of these shoppers were serious buyers versus casual strollers. Notably, between August and November, the typical purchase on Via MonteNapoleone averaged 2,500 euros, reportedly the highest in the world according to Global Blue, a tax-free shopping firm.
The street attracts many affluent holiday shoppers arriving in luxury vehicles such as Maseratis, Porsches, and even Ferraris. Festive lights illuminate the area, boutique windows showcase elegantly dressed mannequins in cheerful holiday settings, and passersby capture pictures of beautifully crafted pastries in display cases.
One visitor from China, Chen Xinghan, was spotted waiting for a taxi with an array of shopping bags beside him. He expressed satisfaction with his purchases, stating he spent half of what he would have paid at home for a luxury Fendi coat. “I got a lot,” Chen remarked. “It’s a fantastic place, a good place for shopping.”
Further down the street, Franca Da Rold, visiting from Belluno, an Italian town in the Dolomites, expressed amazement at a luxurious, long knit scarf being offered for 980 euros. “I could knit that in one hour, using big knitting needles and thick wool. Maximum two hours,” she quipped, although she acknowledged the allure of the brand.
Although Fifth Avenue has slipped to the second position in the Cushman & Wakefield ranking, the organization responsible for promoting the Manhattan shopping destination recognized the significance of MonteNapoleone’s accomplishment. Madelyn Wils, interim president of the Fifth Avenue Association, praised Milan’s commitment to enhancing its public spaces, highlighting the benefits for shoppers, businesses, and the city at large. She expressed confidence that with continued investments and outstanding sales on Fifth Avenue, it would reclaim its top position soon.