Bloomberg News

Prada Wins Bid for Central Milan Store Location

November 04, 2011

Nov. 3 (Bloomberg) -- Prada SpA won the contest for a spot in one of Milan’s most prestigious retail addresses, the Galleria Vittorio Emanuele arcade.

The luxury company beat out Apple Inc. and Gucci, Laura Mari, an official for the municipality of Milan said at a press conference today. The commercial space is currently partly occupied by a McDonald’s Corp. restaurant.

The space is distributed over eight floors and will be let for 18 years, Milan has said. Bidders had to offer a minimum rent of 2.1 million euros a year for the first five years and 3.6 million euros a year for the remaining period.

To contact the reporter on this story: Chiara Remondini in Milan at cremondini@bloomberg.net

To contact the editor responsible for this story: Marco Bertacche at mbertacche@bloomberg.net


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus