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.
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