Since 2006, the revenue from the Galleria Vittorio Emanuele II in Milan has increased from 8 to 80 million euros, providing a significant contribution to the finances of the Municipality. These funds, as reported by Corriere della Sera, will help support the 2025 budget, which will be approved by the end of the year.
For the foreseeable future, no new auctions are planned for the commercial spaces located on the lower floors of the famous “living room of Milan”, as all the available spaces have already been assigned. The next round of auctions will take place in 2030, when the contract with Louis Vuitton expires. In the meantime, the Municipality has started auctioning off premises on the upper floors to make the most of them and increase revenue.
Among the most emblematic cases of recent assignments, Dior stands out, which pays over 5 million euros per year for a space of 324 square meters, conquered in 2020 after intense competition with six other fashion brands. With 38 bids and an initial auction base of 950 thousand euros, this was one of the most fought competitions since this assignment method was introduced in 2009.
Other luxury brands also contribute significantly to the city's coffers: Gucci pays 4,5 million euros per year for 798 square meters, while Tiffany pays 3,6 million euros for 174 square meters, with a record cost of over 20 thousand euros per square meter. Balenciaga and Moncler follow with 2,5 million each, and other names such as Fendi, Armani, Tod's, Damiani and Chanel, with annual rents ranging between 1,3 and 2,4 million euros.
