Serravalle will expand to open a further 70 new stores, this is the biggest investment in outlet since it was opened.Serravalle Designer Outlet, near Milan, announced its expansion. The existing centre will also be refurbished as part of the investment – with no disruption to opening hours. At €115m, this is the largest investment in the centre since McArthurGlen opened Serravalle in 2000 as the first designer outlet in Italy.
Since 2004, the centre has been owned by the European Outlet Mall Fund (EOMF), managed by TH Real Estate and in which McArthurGlen is also an investor. McArthurGlen continues to be the centre’s development, leasing and managing agent.
This expansion has been made possible following the signing of a joint venture between EOMF and Aedes Commercial Property Group. The expansion will add a further 12,500m2 of retail space to bring the total to 51,500 sq m. Together with the refurbishment of the existing centre, works are due to in June, with a planned opening of the extension for autumn 2016.
The architect for both new phases is Florence-based Hydea SpA.
Seravalle Designer Outlet is one of five McArthurGlen Design Outlets in Italy. Since 2000 company also opened: Barberino near Florence, Castel Romano near Rome, Noventa di Piave near Venice and Le Reggia near Naples.
Current brands at Europe’s largest luxury designer outlet, include the likes of such top international names as Hugo Boss, Bulgari, Dolce & Gabbana, Ermenegildo Zegna, Gucci, Roberto Cavalli, Salvatore Ferragamo and Versace.
More than half of Serravalle’s sales are currently attributed to intra-European and long-haul tourists. Tax-free sales, which account for just over a third of total sales, have increased by 250% over the past five years
The centre is particularly popular with Chinese shoppers, whose sales were up 45% in 2014, compared with the previous year. The centre has also welcomed increasing numbers of tourists from South Korea and Southeast Asia, in particular from Malaysia and Indonesia.