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This shopping street in Italy has overtaken New York’s Fifth Avenue, with rents reaching Rs 1.7 lakh per square meter
Beyond its fashion appeal, this street is an architectural gem, showcasing beautiful and historical buildings. (News18 Hindi)
Many may be unaware of the world’s most expensive shopping street. According to Cushman & Wakefield, this prestigious location is in Italy. Before 2024, New York’s Fifth Avenue held this distinction.
Via Monte Napoleone, situated in Milan, Italy, forms part of the city’s renowned fashion district (Quadrilatero della Moda). It is globally recognised as one of the world’s most expensive and luxurious shopping destinations.
Via Monte Napoleone is synonymous with high-end fashion, home to flagship stores of renowned designer brands such as Gucci, Prada, Louis Vuitton, Chanel, and Dolce & Gabbana. The street also boasts a curated selection of boutiques offering ready-to-wear fashion, jewellery, and exquisite Italian shoes.
Beyond its fashion appeal, Via Monte Napoleone is an architectural gem, showcasing beautiful and historical buildings.
On average, a shopper spends Rs 2 lakh at Via Monte Napoleone. The street attracts numerous affluent tourists, especially during events like Fashion Week and Design Week. Tax exemptions have also led many wealthy individuals to reside in Milan, further increasing the demand for luxury goods and services. This is why major luxury brands are eager to establish a presence on this prestigious street.
However, this luxury shopping destination comes at a price, as rental costs for retail spaces are among the highest in the world. Opening a shop on Via Monte Napoleone comes at a premium, with rent costing $2,047 (₹1.7 lakh) per square metre. The street’s limited size restricts available space, driving up rental costs. Consequently, buildings on Via Monte Napoleone are sold for millions of pounds. In early 2024, Kering, Gucci’s parent company, acquired a building on this highly sought-after street.
