One million and 900 thousand euros of rent per year. This is what Giorgio Armani will have to pay for the 302 square meters in Via Galleria Vittorio Emanuele in Milan, right on the octagon, which currently houses Tim's store. On the morning of Friday 8 November the maison won the space for the next 18 years after a long head-to-head with Prada.
For the first time, in fact, Palazzo Marino has chosen the auction formula with a relaunch for the spaces in the Gallery: the base price was 670 thousand euros and each raise had to be at least 50 thousand euros. The maximum time for each offer? One hundred and eighty seconds, three minutes.
The contenders were three: Armani, Prada and Tod's (the jeweler Damiani had been excluded in the technical phase), but the company specialized in footwear did not participate in the raises.
"This is a virtuous example of how the capacity for innovation introduced in the Public Administration, in this case represented by a tender at auction, can bring economic benefits to the city and consequently to its citizens", explained the councilor for State Property, Roberto Tasca -. The proceeds from the auction will be reinvested in the city as usual. It is also nice to watch the race between prestigious Italian and international investors who want to ensure a presence in the Gallery. A fact that certifies the moment of positive vivacity that Milan lives ”.
Gallery: the municipal gold mine
At the end of 2019, thanks to the tender method, the municipality of Milan should collect 40 million euros for the stores in the Gallery, practically five times more than in 2011 when they were "only" eight.
But the prices for a space in the "Salotto buono di Milano" could still grow: in 2020 another 24 stores will be banned in the gallery, practically a third of those that are between the Ottagono and the nearby streets.