Luxury brands thrive on Milan's Via MonteNapoleone shopping street

MILAN, Italy: Milan's famed Via MonteNapoleone has overtaken New York's Fifth Avenue as the world's most exclusive shopping street, according to a new global ranking by real estate firm Cushman & Wakefield.

The annual index, which measures rent prices, shows the average cost on Via MonteNapoleone has surged to 20,000 euros per square meter (US$2,047 per square foot), slightly ahead of Fifth Avenue's 19,537 euros per square meter ($2,000 per square foot).

Guglielmo Miani, president of the MonteNapoleone District association, attributes the street's success to its small size and exclusivity. At just 350 meters long, the limited space enhances its appeal. "Not everything can fit, which is a benefit,'' Miani said, calling it a key factor in maintaining the street's dynamism and exclusivity.

Luxury brands thrive on the street, with some earning annual sales between 50 million and 100 million euros, helping justify the steep rents. Fendi, a long-time tenant, is expanding, and Tiffany & Co. is preparing to open its doors.

Via MonteNapoleone's prestige attracts shoppers worldwide. According to tax-free shopping firm Global Blue, the average purchase on the street between August and November was 2,500 euros - the highest average globally. Visitors flock to the area during the holiday season, arriving in Maseratis and Ferraris, their trunks packed with luxury goods.

Chen Xinghan, a shopper visiting from China, praised Milan's pricing, saying he bought a luxury Fendi coat for half the price he would pay at home. "I got a lot. It's a fantastic place, a good place for shopping," he said, standing beside a half-dozen bags.

For locals, the appeal lies in both luxury and spectacle. Franca Da Rold, visiting from the Dolomites, was struck by a chunky knit scarf priced at 980 euros. "I could knit that in one hour, using 12-gauge knitting needles," she said with a smile, before acknowledging the draw of the brand name.

Meanwhile, New York's Fifth Avenue, now bumped to the No. 2 spot, isn't backing down. Madelyn Wils, interim president of the Fifth Avenue Association, praised Milan's achievement but remained confident. "With new investments and a record year for sales on Fifth Avenue, we'll be back on top in no time."