Milan's Via Monte Napoleone Now World's Most Upscale Shopping Street

Shoppers laden with bags from Fendi, Loewe, Prada, and other designer labels crowd the narrow sidewalks of Milan’s most luxurious shopping street, bringing joy to purveyors of high-end goods during this and every holiday season, Coleen Long reported for the Associated Press (AP).

Via Monte Napoleone’s growing appeal as a hub for luxury ready-to-wear, jewelry, and even pastry brands has been highlighted. I Photo: FlavMi Wikimedia 

There is even more reason to celebrate this year: Via Monte Napoleone has been crowned the world’s most expensive retail destination, displacing New York’s Fifth Avenue, according to a commercial real estate firm's latest report.

Cushman & Wakefield’s annual global index, which ranks shopping areas based on the rents they command, highlights Via Monte Napoleone’s growing appeal as a hub for luxury ready-to-wear, jewelry, and even pastry brands.

The average rent on Via Monte Napoleone has surged to 20,000 euros per square meter ($2,047 per square foot), surpassing Fifth Avenue's 19,537 euros per square meter ($2,000 per square foot) on its most premium 11-block stretch.

The street's compact size—just 350 meters (less than a quarter mile) long—and its proximity to services and cultural landmarks are key factors in its success, according to Guglielmo Miani, president of the Monte Napoleone District Association.