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Turin, hunting for retail spaces in high streets

09 November, Il Sole 24 Ore

Commercial businesses have rediscovered Turin. Retail is the most dynamic market in Turin, with the city becoming the destination of many brands willing to expand in Italy as well as of international investors.

In the first semester of 2017, in Turin, the sales for commercial properties have registered an increase of 13.7% (397 sales) and rents prices have slightly increased (+1.8% for pedestrian streets, +0.7% for the rest).

“Retail has been very dynamic in the recent years with many brands opening in the city: from Fiorfood to The Other Story in the renewed Galleria San Carlo, to Lagrange 12 reaffirming its vocation for luxury – says Megliola. “Hermès too chose Turin to open its store in Via Roma, at the corner with Piazza San Carlo. For what concerns sales, we register the activity of investors seeking gross yearly returns around 6-7%”.

In the main pedestrian walks such as Via Roma, prices go from 15 thousand to 19-20 thousand euro per Sq m for properties in Piazza San Carlo – while in Via Lagrange there have been several shop openings and closures. In Via Roma, the Replay store (the whole building has been sold to Morgan & Stanley) and Massimo Dutti have closed. Luis Vuitton should be moving from its current location to that currently occupied by Benetton in Via Roma, settling in the segment between Piazza Castello and Piazza San Carlo, which is seeing an increased presence of luxury brands. Food is also present with the best brands in Lagrange: Eataly has opened here its first restaurant in Italy, as well as Guido Gobino. In Via Lagrange, prices range from 11 thousand to 15 thousand per Sq m, while rents go from 1,100 to 1,600 euro per Sq m per year.

The market in Via Garibaldi differs, seeing here the openings of casual clothing shops. Prices go from 5,500 to 7,600 euro per Sq m, while rents range from 450 to 780 euro per Sq m per year.

Another retail street is Via Po which registers the presence of casual clothing shops in particular. While the demand for Quadrilatero Romano has decreased due to the block on licenses.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

 

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