Milan's Via MonteNapoleone usurps New York's Fifth Avenue as world's most upscale shopping street
Shoppers laden with bags from Fendi, Loewe, Prada and other designer labels clog the narrow sidewalks of Milan’s swankiest shopping street
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 meter ($2,047 per square foot), compared with 19,537 euros per square meter ($2,000 per square foot) on an 11-block stretch of upper Fifth Avenue.
Via MonteNapoleone’s small size — just 350 meters (less than one-quarter mile) long — and walking distance to services and top cultural sites are among the street's key advantages, according to Guglielmo Miani, president of the MonteNapoleone District association.
“Not everything can fit, which is a benefit’’ since the limited space makes the street even more exclusive and dynamic, said Miani, whose group also represents businesses on the intersecting side streets that together with Via MonteNapoleone form an area known as Milan’s Fashion Quadrilateral.
The biggest brands on the street make 50 million euros to 100 million euros in annual sales, Miani said, which goes a long way to
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