He’s not alone one of the fashion streets with the highest rents in the world. It is also one of the streets whose shops register the highest average receipts. Let’s talk about via Montenapoleonethe central artery of the so-called luxury quadrilateral.
First quarter 2024, average receipt at 2,379 euros
Let’s get to the numbers. In 2023 – based on the data presented during the latest edition of the Duco Travel Summit – every person who has made purchases in one of the Montenapoleone stores he spent an average of 2,350 euros. A considerable figure which, however, can be explained in light of luxury positioning of brands present in the famous street.
In fact, last year marked an acceleration in sales, so much so reached and exceeded pre-Covid levels. In 2019, in fact, the average receipt stood at 2,175 euros, according to Global Blue data.
The phenomenon looks set to continue into 2024. Just think that, in the first 3 months of the yearthe average amount spent by each customer increased further, reaching 2,379 euros.
Asian tourists drive shopping
It is mainly tourists who go shopping, whose purchases are concentrated on clothing and accessories (bags and shoes but also jewelery and watches).
The reason for this trend is twofold: on the one hand there is an offering themeas collections and/or items are available here that are not always found in other countries, on the other hand there is a question of economic convenienceeven in the face of tax free, which involves a cut in VAT.
The ranking is led by Asian touristswhose average receipt, in the first 3 months of the year, was close to 2,900 euros. Followed by Americans (2,551 euros) and shoppers from the Middle East (2,482 euros).
For a year’s rent, up to 34 million euros are spent
Rents have also reached record figures. According to data from the «Main Streets Across the Word» report – edited by the American real estate company Cushman & Wakefield – the average cost is equal to 18 thousand euros per square meter. This means that to rent a space of 1,800 square metersthe ones – like the one that Gucci reopened a few months ago at number 7 – are needed approximately 34 million a year.
The size of the sums involved makes it practically worthwhile It is impossible for emerging brands to access these spaces, with a reduced turnover. Same goes for independent retailers, who do not have an important group behind them. The confirmation comes from the recent communication of the imminent closure of “Vetrerie di Empoli”, a historic shop specializing in glass items located at number 22.
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