When it comes to high street fashion, the Italian retail market ranks sixth place in the world (after Hong Kong), with the standard bearer for Italian shopping being the Via Montenapoleone street in Milan. This is according to the Fashion & High Street Report 2018, prepared by Federmoda in collaboration with World Capital, Global Blue, the Nexi Purchasing Observatory and the Milan Chamber of Commerce.
It’s a well-known fact that high street stores have taken a battering in recent years from internet shopping, and Italy is no different. After a slight growth (+1.9%) recorded in 2017, the Italian retail market is now confirmed as fluctuating and still suffering. However, better prospects are expected by the end of 2018.
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From the point of view of the property rental market, northern Italy is the driving force behind the Italian business real estate sector dedicated to retail, led by the city of Milan. Specifically, Via Monte Napoleone reaches the prime rent of 10,750 euro per square metre per year for store space, which is just under 1,000 euro per square foot – the highest in Italy.
In terms of the best streets to visit in Italy for luxury shopping, Via Monte Napoleone is also widely regarded as the top shopping location.
In Central Italy, the best performance was recorded in the city of Rome, with Via dei Condotti reaching 8,400 euro/m2/year (780 euro/sq ft).
Finally, moving to the south of Italy and the islands, the highest rental price for retail property is in Porto Cervo, with 2,500 euro/m2/year (232 euro/sq ft) along the Piazzetta boulevard.
From the point of view of the range of gross returns, Milan shows an average of 4-5%; Rome, 3-5%, Florence, 3.5-5.5%; and Venice, 4-6%.
As for the trend of real estate purchases in the fashion sector, according to estimates by the NEXI Purchasing Observatory for Federazione Moda Italia, in the first few months of 2018 the sales figure was positive only in February. This confirms that owners of retail property expect the biggest decline at this time of year, while the factors such as the weather and the elections affected the seasonal sales.
According to estimates by Global Blue for Federazione Moda Italia, the tax-free spending of holidaymakers in Milan shows that tourists from China are the largest consumers in the Fashion District: in fact, they account for 35% of total sales. In Rome, Florence and Venice, Chinese tourists who love to buy Italian products are also at the top of the list for the number of transactions.
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