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.
As opposed to 19,537 euros per square meter ($2,000 per square foot) in an 11-block section of upper Fifth Avenue, the average rent on Milan Street has skyrocketed to 20,000 euros per square meter ($2,047 per square foot).
One of the main benefits of Via MonteNapoleone, according to Guglielmo Miani, president of the MonteNapoleone District association, is its compact size—it is only 350 meters (less than a quarter mile) long—and its accessibility by foot to services and important cultural attractions.
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