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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
[email protected]
James Dolphin
Lead Director International Retail
+44 20 7852 4623
[email protected]
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.