27 October, Il Sole 24 Ore
The American giant with Land of Fashion holds a portfolio of 600 shops worth 700 million euro
A unique shopping philosophy combined with the single local identities. Land of Fashion originates from this mix. The brand includes five Italian outlets acquired by the American Blackstone starting from 2013 and managed by the Italian branch of the Dutch group Multi Mall Management, also owned by Blackstone.
This portfolio of five outlets, that, according to Il Sole 24 Ore, amounts to 700 million euro, is spread over the entire Italian territory and includes Outlet Village of Franciacorta, Mantua, Palmanova, as well as in Puglia with Outlet Village in Molfetta and Valdichiana Outlet Village. The total surface is 150 thousand Sq m, divided between 600 shops, against 630 thousand Sq m on the national territory. The shops receive many visits, every year the five outlets get 17 thousand visits, 20% of which from abroad. The only exception is Palmanova where the international customers are 50%.
“We’ve put together a portfolio that today is the starting point for a new offer – says Dario Pistone, Multi outlet management Italy Ceo -since the outlets constitute a touristic destination, with an attention to the local traditions, especially regarding food”.
A crucial topic is that of expansions. The works for the expansion third phase are currently on in the Factory Outlet Franciacorta, and they’ll be completed by September 2018, with 5 thousand Sq m and about 30 new shops. “We’ve decided to proceed without signed preliminary agreements – says Pistone – but we received 65 manifestations of interest. 30% of the contracts have been already signed and we look at the opening with 80% of the spaces rented. We’ll keep the 20% for the opening”. Today, Franciacorta has an average of rented spaces for 98%. The average of the five outlets is 96%.
“The decision to invest in this market comes from the evaluation of the country from a macroeconomic point of view and from the research on real estate segments with growth potential”, explains Paolo Bottelli, Kryalos Ceo, Blackstone strategic and operational partner for the investments in Italy.
In Puglia, the phase 2 has just been launched with 30 new shops and the opening of a new quarter in 2018. In 2019, instead, the main square of the outlet in Mantua will be transformed with additional 40 thousand Sq m and a structure similar to that of Covent Garden in London dedicated to food.
Source: Il Sole 24 Ore
Translator: Cristina Ambrosi