Global Retail City Profiles Italy
Milan
Milan is recognised as one of the most famous fashion centres in the world and is Italy’s industrial, commercial and financial heart. The city continues to attract new businesses and investment. Milan is Europe’s fourth most attractive retail city and ranks 21st out of 140 in our global index. The city is the first stop for international retailers looking to expand in Italy. Many iconic global brands are attracted to the city’s strong fundamentals, varied consumer base and fashion culture.
High street Milan has four distinct, but very affluent, shopping districts. The first, situated in the city center, is the upmarket area around Via Monte Napoleone, including the ‘Quadrilatero della moda’ luxury district. Nearby is the more mainstream area centered on the Duomo Square, encompassing the pedestrianised Corso Vittorio Emanuele II and Via Torino and luxury department stores; la Rinascente and the Excelsior. Near to this, the Piazza Cordusio is undergoing a redevelopment and will create a new retail hotspot. The third is the new Porta Nuova district, in the North, which hosts designer boutiques, innovative stores, offices and residential spaces. Brera has consolidated its position as the beauty district, with several cosmetics brands opening including MAC Cosmetics, CAUDALIE, Skin Inc. A positive retail sales growth outlook, high levels of affluence and tourism have fuelled retailer demand. Due to the lack of market transparency and the fact that a wide range of units are classed as ‘prime’, it often makes rental levels hard to fully establish.
Shopping centers Whilst the best shopping centers are located on the outskirts of Milan, new projects are planned within the city limits. Citylife Shopping District is expected to open in 2018, and is located near Fiera Milano, while Westfield Milano is being built close to Linate Airport. Constructon has started on Cascina Merlata in the north- west quadrant, 25 minutes from city center and Auchan Cinisello will create a new mall in the Monza Brianza province. The new developed scheme, Il Centro Arese, has been a success in terms of visitor numbers.
Shopping center Il Centro Arese
Carrefour Milanofiori Carosello
Auchan Ai Laghi
Carrefour Limbiate Fiordaliso Metropoli
Source: JLL 2018
Opening year 2016
2004 1997 2000 2006 1992 1999
Size (sqft) 972,000
584,500 564,000 497,300 416,600 369,200 330,500
Location
Edge of Town Edge of Town Edge of Town Edge of Town Edge of Town Edge of Town Edge of Town
Population 4.3m
Prime rent (sqft per year)
US $440 Prime rental information for Corso Vittorio Emanuele II
Key indicators Population (‘000s No.)
GDP per Capita (US$, Real, PPP) GDP Forecast 2018-2022 (% pa)
Retail Sales Forecast 2018-2022 (% pa) Global CBRA Rank (Out of 140 cities)
Rental growth outlook
4,252
45,351 1.7 1.4 21st
Source: JLL, Oxford Economics (May 2018) Global CBRA Rank = Global Cross Border Retailer Attractiveness Rank
Key retail entrants Acne Studios Coach New Balance Uniqlo
Key tenants
Iper, Primark, Zara, H&M, Mango, Viridea, MediaWorld Carrefour, MediaWorld, Zara, Hollister Co., Conbipel Carrefour, Zara, Apple, H&M, Hollister Co., Superdry Auchan, MediaWorld, Decathlon, OVS Carrefour, MediaWorld, H&M
Iper, Apple, MediaWorld, H&M, Zara, Gap, Piazza Italia Ipercoop, MediaWorld, Longoni Sport
© Copyright 2018 Jones Lang LaSalle, IP, Inc. All rights reserved.
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