Revenues from the Galleria Vittorio Emanuele II reached 80 million euros

Denying Milan's position among the world's main luxury hubs seems almost impossible. Just last month, the news that Via Montenapoleone had dethroned New York’s Fifth Avenue as the “most expensive shopping street in the world” garnered significant attention. This achievement further confirms Milan's leading role in the global luxury landscape, cementing its reputation as a must-visit destination for major international brands. Reinforcing this trend, new reports released this week revealed that the revenue generated from the leases of boutiques located in the historic Galleria Vittorio Emanuele II has reached a record figure of €80 million. This data is impressive not only in its absolute magnitude but also for the rapid growth it represents: just 17 years ago, it stood at approximately €8 million. This is a staggering increase that reflects not only the escalation of real estate values in the area but also the city's ability to attract high-profile investments. As reported by the Corriere della Sera, these revenues will make a significant contribution to Palazzo Marino, enabling the city to address the 2025 budget with greater ease, which is expected to be approved on December 31.

Among the key players in this transformation is Dior. The French Maison, for its 324-square-meter store located in one of the Galleria's most prestigious spots, pays over €5.05 million per year. Dior acquired the boutique in 2020, after Versace vacated the space, securing it for a starting bid of €950,000. The next auctions, expected in 2030, will concern the renewal of Louis Vuitton's lease agreement. In the meantime, the situation is expected to remain relatively stable, with no major changes in Milan's "living room." Also on the podium is Gucci, which occupies 798 square meters and pays €4.5 million per year. Third place goes to Tiffany & Co., with one of the Galleria's newest boutiques: last May, the American jewelry brand acquired the space previously occupied by Swarovski. With an annual rent of €3.5 million and a cost of €20,600 per square meter, Tiffany & Co. holds the record for the highest price per square meter in the Galleria. Following closely are Balenciaga and Moncler, tied for fourth place, each paying €2.5 million for spaces of very different sizes: 290 square meters for the French brand and 748 square meters for the Italian one.

At the beginning of the 2000s, however, the Galleria Vittorio Emanuele II had a radically different landscape. The scene more closely resembled that of its Neapolitan twin, where most stores are still family-run. In Milan, however, the commercial fabric has been profoundly transformed by the arrival of international giants like LVMH and Kering, which have turned the city into a truly global luxury hub. This transition, while economically advantageous, has led to the departure of many historic local businesses unable to keep up with the exorbitant rents required to remain in such a prestigious location—similar to what has happened on Via Montenapoleone in recent years. The pressure on the real estate market shows no signs of easing: given the enormous demand, Palazzo Marino recently decided to auction off the Galleria's upper floors, with many of these spaces expected to be dedicated to hospitality. This marks yet another step toward a Milan that increasingly embodies the image of a “playground for the rich” and the ultra-rich, fueling debates about the disparities within the Lombard capital.