Milan, Italy

European Retail City Profiles 2016
Milan, Italy
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 has become an increasingly attractive location
for international retailers in recent years, and now is Europe’s
fourth most attractive retail city and ranks 21st out of 140
in our global index. Milan’s economy is dominated by the
service sector and is the preferred location for multinational
headquarters, hosting a considerable workforce. Milan also
has a large student population and the great number of fashion
and design events add to more conventional business tourism,
meaning the city has a sizeable and varied consumer base.
High street
Milan has four distinct, but very affluent, shopping districts. The first, situated
in the city centre, is the upmarket area around Via Monte Napoleone, including
the ‘Quadrilatero della moda’ luxury district. Nearby is the more mainstream
area centred on the Piazza del Duomo, encompassing the pedestrianised Corso
Vittorio Emanuele II and Via Torino and luxury department stores; la Rinascente
and the Excelsior. The third is the new Porta Nuova district which hosts designer
boutiques, innovative stores and high density offices and residential space.
More recently, Brera has consolidated its position as the beauty district, with
several cosmetics brands opening including MAC Cosmetics, CAUDALIE,
Skin Inc, Aesop and Diptyque. A positive retail sales growth outlook and Expo Milano have fuelled retailer demand across the city, pushing prime rents
upwards. Recent market entrants include Victoria’s Secret, Fendi and Piaget.
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 centres
The best Milanese shopping centres lie outside the city. The new 90,000 sqm
landmark Il Centro has recently opened in Arese, North West of Milan, and
has become the city’s first real regional shopping centre. In 2017, the Westfield
Group is opening Italy’s largest shopping centre to the East. The 170,000
sqm scheme will also be anchored by Galeries Lafayette. After the 2010
refurbishment of Fiordaliso, its performance has improved greatly, hosting
one of the best performing Apple stores in Italy. Carrefour Milanofiori, and
the nearby retail park, creates a critical mass to the South, serving a large
working population.
Shopping centre
Il Centro
Carrefour Milanofiori
Carosello
Auchan Ai Laghi
Carrefour Limbiate
Fiordaliso
Metropoli
Source: JLL 2016
Opening year
GLA (sqm)
2016
2004
1997
2000
2006
1992
1999
90,300
54,300
52,400
46,200
38,700
34,300
30,700
30 min drive time
population
Prime rent
(sqm/year)
2.8m
€4,300
Rental growth
outlook
Prime rental information for Corso Vittorio Emanuele II
(excluding key money)
Note: Population based on 30 minute drive time study area.
Key indicators
Milan
Population (‘000s No.)
Purchasing Power/Capita (€)
GDP Forecast 2016-2020 (% pa)
Retail Sales Forecast 2016-2020 (% pa)
Global CBRA Rank (Out of 140 cities)
2,810
22,530
1.8
1.5
21st
Source: JLL, Michael Bauer Research GmbH 2014, ESRI 2015, Oxford Economics (April 2016)
Global CBRA Rank = Global Cross Border Retailer Attractiveness Rank
Note: Population and Purchasing Power/Capita based on 30 minute drive time study area
Key retail entrants
Aesop
Fendi
Kipling
Piaget
Skin Inc Victoria’s Secret
Location
Key tenants
Edge of Town
Edge of Town
Edge of Town
Edge of Town
Edge of Town
Edge of Town
Edge of Town
Iper, Primark, Zara, H&M, MANGO, Viridea, Media World
Carrefour, Media World, Zara, Hollister Co., Conbipel
Carrefour, Zara, Apple, H&M, Hollister Co., Superdry
Auchan, Media World, DECATHLON, OVS
Carrefour, Media World, H&M
Iper, Apple, Media World, H&M, Zara, Gap, Piazza Italia
Ipercoop, Media World, Longoni Sport
Annual visitors
7.0 m
8.6 m
9.2 m
6.9 m
8.9 m
6.1 m
Copyright (c) JLL IP, INC 2016
Dolce
Dior
& Gabbana
Burberry
Hermès
Moncler
Dior
Dolce & € 5,000
Burberry
Gabbana
Prada
Dolce &
Piaget
Camper
Gabbana
Céline
Prada
Teatro
Giorgio COS
Gucci
alla Scala
Armani Prada
Fendi
Valentino
Museo
Salvatore Ferragamo
Louis Vuitton
Teatrale
Moncler
Bulgari
alla Scala
Timberland
HUGO BOSS
€ 10,000
Abercrombie & Fitch
Salvatore
Boggi
Ferragamo Milano
London Nespresso
Warwick
Diesel
Massimo
Dutti
Street
adidas
Gucci
Geox
(Head Offic
GUESS
KIKO MILANO
€ 4,300
Prada
Giorgio Armani
Swarovski
H&M
Louis Vuitton
Nespresso United Colors
of Benetton
Galleria Vittorio Emanuele II
Zara le II Foot Boggi Milano The Brian
Max
& Barry
Locker
Swarovski
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MANGO Bershka
Excelsior
Tiffany & Co.
Piazza Del Duomo
Milano
Superdry
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Prime Rent
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Museo Ambrosiana
Mangimi Bonomi
Higher
Victoria's Secret
Camper
Geox
Foot Locker
Desigual
Pull&Bear
MANGO
MCS
Nike
GUESS
KIKO MILANO
Shopping Centre
MAC Cosmetics
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H&M
Cripta di
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JLL Contacts
James Dolphin
Lead Director International Retail
+44 (0)20 7852 4623
[email protected]
Monica Cannalire
Head of Retail Agency Italy
+39 (0)02 8586 8617
[email protected]
Copyright (c) JLL IP, INC 2016 No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of JLL. 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.
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Garbagnate
Milanese
Senago
Paderno
Dugnano
SP46
Cinisello
Balsamo
Cusano
Milanino
SPexSS35
Bollate
Auchan Cinisello
Balsamo
(Redevelopment)
Concorezzo
Agrate
Brianza
Monza
A4
SS36
Q
Carosello
Carugate
Brugherio
SP5
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Cormano
Coin
Arese
Rho
Baranzate
Sesto San
Giovanni
Bresso
Novate
Milanese
A51
A52
Cologno
Monzese
Cernusco
Sul Naviglio
Metropoli
A8
Cascina
Merlata
Pero
)
"
Vimodrone
Q
SP103
Segrate
City Life
Q
Corso
)
"
Vercelli
Porta Nuova
Brera
Quadrilatero
della moda
la Rinascente
"
)
")
")
Piazza del
Duomo
Coin
)
"
Milano
Coin
Cesano
Boscone
Westfield
Milan
Corso
Buenos
Aires
Pioltello
Q
SP14
Brian and
Barry
)
"
Rodano
Coin
Excelsior
Milano
Milano
Santa
Giulia
Peschiera
Borromeo
Q
Corsico
SP415
San
Donato
Milanese
P
P
Buccinasco
Carrefour
Milanofiori
A7
A50
Assago
)
"
)
"
Zibido
San Giacomo
A1
Opera
Pieve
Emanuele
Other Retail Area
SPexSS412
San
1.5
Giuliano
Kilometres
Milanese
Locate
Di Triulzi
JLL Contacts
James Dolphin
Lead Director International Retail
+44 (0)20 7852 4623
[email protected]
Mediglia
Shopping Centre
Development
Department Store
Fiordaliso
Rozzano
Key Retail Area
Monica Cannalire
Head of Retail Agency Italy
+39 (0)02 8586 8617
[email protected]
Copyright (c) JLL IP, INC 2016 No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of JLL. 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.
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Colturano