The new Quadrilatero is born

«We renewed the Galleria, imagining a non-exclusive place, enriched by a mix of local crafts and fashion. But we also want to go beyond that». Emmanuel Conte, councilor for budget and real estate of the municipality of Milan, explained this exclusively to MFF. «Now we want to go further by enhancing areas near the Duomo to create a new centrality». A new Quadrilatero della Moda enclosed in the areas between the Duomo, the Galleria Vittorio Emanuele II, the Galleria Ciro Fontana and via Dogana. According to the municipality of Milan, the rental income from the real estates in the Galleria is estimated to 60 million euros for 2022, increasing from 53 million euros in 2021. 84 million euros are estimated in total by adding the rents from Piazza Duomo and the Galleria Ciro Fontana. A growth in which the fashion industry can only be a leading player.

A new Quadrilatero marked by a strong real estate frenzy. «Fashion has certainly invested the most, especially in the Ottagono section of the Galleria Vittorio Emanuele II, where fashion industry companies currently own almost all of the space». As a matter of fact, in the Milanese passage, 75% of rents come from fashion companies and, particularly, from Made in Italy brands. Dior ranks first, after having taken over Versace's space and paying 5.05 million euros in annual rent, followed by Gucci, in Massimo Dutti's former space, paying 4.5 million euros.

Closing the podium is Fendi, which replaced its name on the windows that were Armani's and pays the Municipality 2.45 million euros. They are followed in the top ten by Armani itself, in the former Tim store with 1.9 million euros in rent, then Tod's, in the spaces that were Bric's with 1.8 million euros, and again Chanel at 1.3 million euros, which in addition to its current location will expand on the areas already occupied by Oxus and Cobianchi. Then, there are Damiani at 875,000 euros, Church's at 610,000 euros, Santoni at 589,000 euros and, finally, Fratelli Rossetti at 550,000 euros. A liaison between public space and fashion that, under the Duomo, could also see the addition of a new protagonist in the coming months.

As written by MFF last week (see MFF of June 22), the local government is ready to open a call for bids for the lease of more than 2,000 square meters of space in Galleria Ciro Fontana 3, with the aim of creating a large shopping center dedicated to luxury that can accommodate a maximum of five fashion companies. An area just a stone's throw from the Duomo to which the eventual fashion company can bring not only storefronts but also offices, expanding from just a commercial function to a receptive one as well.

It would be a project that, according to MFF's understanding, should have its official call drafted after the end of the summer, and then, once the time for collecting bids from companies has passed, have a final allocation to tenants by the end of 2022. «This is the city of fashion, which has roots here that go back to the Renaissance. It is natural, therefore, for fashion to play a predominant role in downtown real estate», councilor Emmanuel Conte concluded. Milan calls, fashion answers. (All rights reserved)