Trade, investments up to 35 billion by 2025

According to Scenari Immobiliari, vacancy remains under control on the main high streets. Rome stands out with rates below 10%, although Galleria Alberto Sordi is still undergoing a revival. Milan continues to transform, with Via Montenapoleone leading the global luxury rankings. However, the secondary streets of the Lombard capital show a slight increase in vacant units.

Florence maintains a high occupancy in the central streets, while Venice surprises with an almost total absence of vacant premises in the most prized areas. Naples improves, with vacancy below 7% in the top streets and encouraging signs for the side streets as well. Bologna and Turin remain stable, but have yet to realise the full potential of their tourist attractiveness.

"The investment strategies of institutional operators are constantly evolving," commented Francesca Zirnstein, managing director of Scenari Immobiliari, "and are developing innovative leasing models that do not focus exclusively on physical sales space but include higher value-added real estate services, digital communication tools and strategic marketing partnerships. Even for high streets conventional leasing models are now obsolete, replaced by flexible agreements between landlords and tenants that represent an opportunity, not only for emerging and smaller brands to occupy the rare vacant spaces available along the main shopping streets, but also for innovation, vibrancy and dynamism. Despite the continuous development and spread of e-commerce, which requires operators to continually adapt and invest in digitalisation, what was recorded in 2024 consolidates the trend, already noted in the last edition of the report, of a return to purchasing at the physical shop after the exponential growth of the pandemic period".

The return to the physical shop, after the boom of e-commerce during the pandemic, is confirmed: in 2024 retail locations grew by 0.6% and sales values by 0.4% (Gsc) and 0.6% (shops). The most attractive returns are to be found in Northern Italy, but Central and Southern Italy also show improving dynamics.