Milan’s prestigious Via MonteNapoleone has officially claimed the title of the world's most expensive shopping street, surpassing New York’s renowned Fifth Avenue. According to the latest report by American commercial real estate firm Cushman & Wakefield, the average rent on this iconic Italian street has soared to an impressive €20,000 per square metre, narrowly edging out Fifth Avenue's 11-block stretch, which averages €19,537 per square metre.
An Elite Shopping Experience
Stretching just 350 metres through Milan’s city centre, Via MonteNapoleone is a key component of the city’s legendary Fashion Quadrilateral. Its exclusive nature is one of its greatest advantages. "Not everything can fit, which is a benefit," explains Guglielmo Miani, president of the MonteNapoleone District association. The street’s small size enhances its allure, creating a dynamic, high-demand retail zone for global luxury brands.
The luxury appeal is undeniable: renowned brands like Fendi, Prada, and upcoming tenant Tiffany & Co. dominate the space. Despite its exclusivity, the street attracts immense foot traffic, with 11 million visitors recorded from January to November this year. However, it is the spending power that sets Via MonteNapoleone apart—the average shopper spent a staggering €2,500 per purchase between August and November, the highest average receipt globally, according to Global Blue, a leader in tax-free shopping services.
Global Recognition and Record-Breaking Sales
Luxury brands on Via MonteNapoleone reportedly achieve annual sales between €50 million and €100 million, helping to justify the street’s soaring rental prices. The high-spending clientele includes international tourists, particularly those from Asia.
For example, Chen Xinghan, a visitor from China, proudly shared his experience, noting that a luxury Fendi coatpurchased in Milan cost half the price compared to retail outlets in China. “It’s a fantastic place, a good place for shopping,” Chen remarked, surrounded by luxury parcels. Holiday shoppers often arrive in style, cruising the narrow street in Maseratis, Porsches, and Ferraris.
The Global Luxury Landscape
The achievement marks a significant milestone in the global retail market. While New York’s Fifth Avenue has long held the top spot, Milan’s consistent investment in its public realm and luxury infrastructure has paid off. Madelyn Wils, interim president of the Fifth Avenue Association, congratulated Milan on its success but expressed confidence that Fifth Avenue would soon reclaim its crown with renewed investments and record-breaking sales.
Luxury, Culture, and Accessibility
What makes Via MonteNapoleone truly exceptional is its strategic location. The street is within walking distance of Milan’s cultural landmarks and essential services, attracting both big spenders and luxury window shoppers alike. This perfect combination of accessibility, heritage, and exclusivity continues to elevate the street as a global symbol of luxury.
From designer boutiques to luxury jewelers and high-end pastry brands, Via MonteNapoleone embodies Milan’s status as a global fashion capital, offering visitors an unparalleled shopping experience.
Source: Euronews
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