noun, noun which may take the genitive case particle 'no'
Used attributively with 通り, 場所, 商店街, etc., to describe a prominent, bustling, or fashionable street or area. Often implies a central, well-known location.
この通りは町の目抜き通りです。
This street is the main street of the town.
目抜きの場所に新しい店がオープンした。
A new shop opened in a prime location.
Compound of 目 (eye, attention) and 抜き (pulling out, extracting). The image is of a place that 'catches the eye' or stands out prominently, hence a main or fashionable thoroughfare.