According to Cushman & Wakefield, the demand for physical retail space in prime locations remains unbroken, despite challenges from e-commerce. This highlights the resilience in the luxury retail sector.
Milan's Via Monte Napoleone achieved annual rents of $1,959 per square foot, making it the most expensive shopping street globally, reflecting the booming luxury real estate market.
Luxury brands are investing heavily in physical storefronts, exemplified by Kering's $1.4 billion acquisition in Milan, demonstrating confidence in the bricks-and-mortar retail space.
The shift in the highest retail rents to a European city signifies a notable trend, as Milan becomes the new capital for luxury shopping experiences, surpassing New York City's Fifth Avenue.
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