Milan, Italy Milan is the industrial, commercial and financial capital of Italy and is one of the world’s most famous fashion centres. Its economy is dominated by the service sector and is the most favoured location for multinational headquarters in Italy and hosts a large professional and administrative workforce. It benefits from a sizeable and varied potential consumer base, thanks to a large student population attending some of the top state and private universities and a number of fashion and design events adding to more conventional business tourism. High street The city centre comprises two distinct but very affluent shopping districts; the first is the upmarket area around Via Montenapoleone which encompasses three further streets into the ‘quadrilatero della moda’ fashion district. The second is the more mainstream area around Piazza del Duomo and encompases the pedestrianised Corso Vittorio Emanuele. This offer is completed by luxury department stores la Rinascente, facing the Duomo square, and the Excelsior. Despite the subdued economic outlook, Milan’s high street retains its attractiveness to mainstream and luxury retailers as well as consumers alike, with recent openings including Prada and Micheal Kors. The strong retailer demand has helped keep rental levels stable. Rents in the very best locations in the ‘quadrilatero della moda’ fetch double that of standard units in the same area. Shopping centres The best Milanese shopping centres lie outside the city. The recently extended Carosello is the most important scheme, it is located to the north east and hosts a traditional fashion line-up. Milanofiori, together with the nearby retail park, creates a critical mass to the south, serving a large working population with an extensive food court and strong tenant line-up. During the next three to five years there are plans for a number of significant shopping centre developments to the east and also in the north west quadrant of the city. Shopping centre Carosello Milanofiori 2000 Fiordaliso Vulcano Carrefour Limbiate Metropoli Source: Jones Lang LaSalle 2013 Opening year GLA (sq m) 1997 2004 1992 2006 2006 1999 52,400 54,300 34,300 34,300 38,700 30,600 30 min drive time population Prime rent (sq m/year) 3.2m €3,500 Rental growth outlook Prime rental information for Corso Vittorio Emanuele II. Note: Population based on 30 minute drive time study area. Source photo: mLuisa Pastvò (2013) Key indicators Milan Population (‘000s No.) Purchasing Power / Capita (€) GDP Forecast 2013-2017 (% pa) Retail Sales Forecast 2013-2017 (% pa) CBRA Index (Average = 100) 3,190 22,400 0.3 -0.2 174 Source: Oxford Economics (2013); MBI, HERE, Jones Lang LaSalle (2013); CBRA Index = Cross Border Retailer Attractiveness Index Note: Population and Purchasing Power / Capita based on 30 minute drive time study area. Key retail entrants · Michael Kors · GIADA · & Other Stories · Harmont & Blaine Location Key tenants Edge of Town Edge of Town Edge of Town Edge of Town Edge of Town Edge of Town Carrefour, Zara, Oviesse Carrefour, Saturn, Zara Iper, Bricocenter, Upim Il Gigante, Euronics, Conbipel Carrefour, Media World, H&M Ipercoop, Media World, Longoni Sport Annual visitors 6.6 m 9.0 m 7.0 m 6.0 m 6.0 m 6.8 m Copyright (c) Jones Lang LaSalle IP, INC 2013 Milan Jones Lang LaSalle contacts Simone Burasanis Head of Retail Agency +39 02 8586 8630 firstname.lastname@example.org James Dolphin Lead Director International Retail +44 20 7852 4623 email@example.com Copyright (c) Jones Lang LaSalle IP, INC 2013 No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of Jones Lang LaSalle. It is based on material that we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. We would like to be told of any such errors in order to correct them. Retailers shown on the map are based on a consistent review of 67 international retailers across 57 key European retail markets. Map data © OpenStreetMap contributors.