The average consumer on Via Montenapoleone spent 2,500 euros per purchase between August and November, the highest average receipt in the world, according to the firm Global Blue.
The Via Montenapoleone of Milan has officially received the title of the most expensive shopping street in the world, according to a global index of American commercial property that shows it surpasses even New York’s Fifth Avenue.
The latest version of the annual global index from the American company Cushman & Wakefield, which classifies commercial areas based on the rental prices that they charge, is a sign of Via Montenapoleone’s appeal as an address for ready-to-wear brands from luxuryjewelry and even pastries.
The average rent on the Milanese street has risen to 20,000 euros per square metercompared to 19,537 euros per square meter in a stretch of 11 blocks in the upper part of Fifth Avenue. According to Guglielmo Miani, president of the Montenapoleone district association, the small street dimensions (barely 350 meters) and its proximity on foot to services and the main places of cultural interest are some of its main advantages.
A small and exclusive space
“It doesn’t fit everything, which is an advantage,” as the limited space makes the street even more exclusive and dynamicsays Miani, whose group also represents the businesses on the side streets that, together with Via Montenapoleone, form an area known as the Milan Fashion Quadrilateral.
According to Miani, The biggest high street brands have a turnover between 50 and 100 million euros per year, which goes a long way toward paying the rent. Tiffany’s is preparing to set up shop on Via Montenapoleone, and long-time tenant Fendi is expanding its business.
According to the Montenapoleone district, 11 million people They visited the area this year through November, but it’s unknown how many spent big and how many shopped. The average Via MonteNapoleone shopper spent €2,500 per purchase between August and November, the highest average receipt in the world, according to duty-free shopping company Global Blue.
The street is a magnet for Christmas shoppers, who arrive in Maseratis, Porsches and even Ferraris. A visitor from China, Chen Xinghan, laden with packages, said he had paid half of what he would have paid at home for a luxury Fendi coat he bought in Milan.
“A fantastic place”
“I got a lot,” Chen acknowledged, adding, “It’s a great place, a good place to shop.” A few windows down, Franca Da Rold, who was visiting Milan from Belluno, a city Italian from the Dolomites mountain range, marveled at a thick knit scarf several meters long whose price was 980 euros.
Even though the Fifth Avenue has been pushed to number 2 on the list by Cushman & Wakefield, the organization that acts as the guardian and main promoter of the Manhattan street praised Montenapoleone’s achievement.
Madelyn Wils, interim president of the Fifth Avenue Association, stated: “The Milan investment in its public space is bearing fruitwhich is a victory for its shoppers, its businesses and the city as a whole.” But he also expressed confidence that, with new investments and a record year of sales on Fifth Avenue, “we will be back at the top in a short time.”
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