The build-up is intense. First you have to find the elusive Prada Outlet (officially called Space) among the nondescript buildings in the town of Montevarchi, 45 minutes from Florence. Prada doesn't put any sign on the warehouse where it houses its outlet, and the directions it gives out aren't much help either. Luckily, any good citizen of Montevarchi knows the place and has probably been asked about it a thousand times already.

Then there's the whole issue of taking a number. Prada allows only 100 shoppers inside at one time and averages about 1,000 visitors a day. So it employs a rather space age looking computerized counter to allot numbers to those shoppers raring to get inside. The wait time can be just a few minutes or a matter of hours.

Again, by shrewd planning on the part of Prada, there's a café on-site for you to patronize while you wait. In addition to the very good food, the café serves up some fine people watching. Many of the customers, Asians, Americans, Brits and Italians alike, are dressed in their Prada best and some look like they are about to walk down the runway. But then there's also the usual tourists in shorts and sneakers. And don't worry, as you eat, you can stare longingly at the monitor, indicating the number of the next group to go inside, willing it to move faster.

Once inside, it's hard to choose which section to attack first. As you enter, shoes are directly in front of you, with handbags, accessories and collection pieces to the right and skin care, sunglasses and sportswear to the left. And the prices are to die for...

During a recent summer sale (20% off the already deep discounts), small classic Prada handbags were offered at the equivalent of $70 each, leather key holders at $30, beautiful women's moccasins (similar to J.P. Tod's) at $50. These were the best bargains and prices went up from there. So you could still spend several hundred dollars on a purse, but that's likely to be half of its original price. Then there's the fact that if you spend over 185 euros (essentially $185 at the current exchange rate), you get the value-added tax (VAT) back when you leave the country. That's 20.6%. And how can you not spend several hundred dollars, stocking up on gifts for the folks at home and presents for yourself.

International shopping guru Suzy Gershman says outlet shopping is the smartest way to shop in Italy these days. "I feel that with the euro, and now the much weaker dollar, Italian outlets are the only way to go," notes Gershman, author of Suzy Gershman's Born to Shop: Italy (Frommer's, 2001). "The savings and quality are great," she adds.

As with American outlets, Italian outlets, including Prada, are the final stops for last season's merchandise. So you will find the fluorescent green flats that didn't sell or the shirt with the shredded look that fashionistas wouldn't be caught dead in.

Yet, Gershman cautions that there can be some real finds in the mix as well. "Old merchandise can be classical enough to not matter," she says. Keep in mind that all of the merchandise came from Italian or European stores, so you could still out-fashion your neighbor by buying pieces that may have never been sold in the United States.

The outlet carries all of Prada's lines including Miu Miu, Helmut Lang, Jil Sander and Church's shoes. The staff is incredibly helpful and free of the attitude you will find at many of the label's stores throughout the world.

Next stop, Gucci. The Gucci Outlet is only about a half-hour's drive from Prada. It's housed in an elegant strip mall, called The Mall, along with Bottega Veneta, Giorgio Armani, Loro Piana, Sergio Rossi and Yves Saint Laurent outlets.

Thankfully, there's no numbers system or waiting to get in, although the outlet can get crowded. Gucci's décor exudes more elegance than Prada's and items are carefully displayed on glass shelves. Handbags, shoes, accessories, men's clothing and women's clothing each has a separate salon.

Gucci seems to have a better selection of classic pieces than Prada. You can snap up a beautiful black leather wallet for $75. The best find of a summer shopping spree: a small, leather purse for $45. Men's ties were also about $45. As with Prada, Gucci will give you a cloth drawstring bag for each of your items.

"At Gucci, I got such bargains, I am still drooling, such as a blue silk sports jacket for my singer-songwriter son, for $125," Gershman boasts.

Again, factor in the VAT refund if you spend enough.

If dropping cash makes you hungry, try the café called Café at the entrance of The Mall. It keeps with the shopping- theme by continuously playing fashion videos on screens around the restaurant.

Start saving, the outlets are waiting.

The Details

Prada Outlet

LOCATION: Levanella Spacceo, Strada Statale 69, Montevarchi
Phone: (39) 055 978-94-81
HOURS: Monday - Saturday, 9:30 a.m. -- 7:00 p.m. and Sunday, 2:00 p.m. -- 7:00 p.m.

DRIVING: From the A1 motorway, take the exit marked Baldano. Follow the signs for Arezzo and then for Montevarchi. You will pass through a series of traffic lights and there will be a warehouse/factory on your left. That's Prada. There is no sign on the building; just follow the people.
TRAIN: Take the train from Florence's Santa Maria Novella Station to Montevarchi (1 hour) and continue by taxi (about 20 minutes) to the outlet.

Gucci Outlet

LOCATION: Via Europa 8, Leccio, Reggello 50060
Phone: (39) 055 865-77-75
HOURS: Monday - Saturday, 10 a.m. -- 7:00 p.m. and Sunday, 3:00 p.m. -- 7:00 p.m.

DRIVING: From the A1 motorway, take the exit marked Incisa. Stay on the right towards Pontassieve until reaching Leccio. Soon after passing the center of Leccio, The Mall will be on the left.
TRAIN: Take the train from Florence's Santa Maria Novella Station to Rignano sull'Arno and continue by taxi (about 5 minutes) to Leccio.
SHUTTLE BUS: There's a daily service from Florence to and from The Mall. Call (39) 055 865-77- 75 for more information.