Milan is home to the most expensive shopping street in the world

Holiday shopping season is fast approaching, with post-Thanksgiving deals waiting in the wings and festive goodies filling the shelves even earlier than last year (a phenomenon known as “Christmas creep”).

Though some began stuffing their stockings months ago — a recent Bankrate survey found that almost half of holiday shoppers (48%) planned to begin buying presents before, hold your breath, Halloween — retailers are expecting a mixed bag in the coming months, with Target lowering its profit forecast for what is typically its busiest period of the year. Still, even if regular folks are scaling back their spending, it likely won’t be a light Christmas for the ultrarich, with 2024 seeing more billionaires than ever.

If you happen to be a billionaire reading this, and you’re looking to part with a lot of cash for designer labels while taking as few steps as possible, look no further than Italy’s fashion capital.

According to analysis from real-estate services firm Cushman & Wakefield, cited by the FT, Milan’s Via Monte Napoleone has overtaken NYC’s Upper 5th Avenue (where rents dropped 4% year over year) as the most expensive shopping street in the world, making it the first European city to top the list in 34 years.

The report found that landlords with units on the buzzy strip can charge luxury retailers — including Chanel and Gucci, which have both opened new locations on the street in the past year — some €20,000 ($21,000) per square meter annually in 2024. Admittedly, the Via Monte Napoleone may pose a size advantage for the rankings: at just 1,150 feet long, it’s roughly one-fifth the size of Paris’ Avenue des Champs-Élysées.

Vacation moda… Milan has seen a record number of tourists this summer, as well as a wave of high earners relocating to the business hub for its professional opportunities and generous tax breaks, including VAT refunds on luxury purchases like watches and handbags.