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FEATURES Table 6-7 Renovations and/or Expansions in the Announced Italian Pipeline Macro Region Municipality


South and Island Reggio Calabria North North North


Sarzana Venezia Milano


Center North North North North


Barberino Di Mugello Bolzano


Bussolengo Vimodrone Ravenna


South and Island San Giovanni Teatino North North North North


Roncadelle


Savignano Sul Rubicone Bassano Del Grappa Martignacco


Source: UrbiStat (www.urbistat.com) Figure 6-1 Valecenter, Exterior View Similar to their counterparts in North America, factory


outlets in Italy are usually developed in a “village style” and located well outside urban areas near highway exits. Their retail proposition is to sell fashionable and luxury brands at discounted prices. Moreover, they offer organized entertainment, transforming the visit into a family gathering and weekend destination. The oldest of Italy’s 32 factory outlets, Designer Outlet


Serravalle, opened in 2000. Developed by McArthur Glen, it is currently owned by Henderson Global Investors. The outlet forms, together with an adjacent shopping center in the Northwestern region, one of the largest aggregated retail destinations in Italy with nearly 100,000 sq m of GLA. Italy’s 124 retail parks (the European counterpart to


Source: Sonae Sierra. Used with permission.


Shopping Center Award in 2010 in the category “Refurbishment and Extension.”12


Factory Outlets and Retail Parks Beside expansions and refurbishments, Italy’s


shopping-center industry witnessed in the last 10 years the rapid development of factory outlets and retail parks as new forms of retail destinations. Factory outlets and retail parks help to maximize consumer time and money through clear value propositions.


12 See “ICSC European Shopping Centre Awards 2010,”


North American power centers) are open-air structures. While initially occupied by large, specialized category killers, they are now often located near shopping centers complementing their offer or integrated with eating facilities in order to make visitors stay longer and stimulate synergies with other activities. Among Italy’s retail parks with a GLA larger than 5,000


sq m, the oldest is Centro Navile. Opened in 2003 with a GLA of 23,300 sq m, this retail park in the Northeastern region is owned by Henderson Global Investors and features seven large, specialized tenants and two restaurants.


Porto Bolaro Centroluna


Auchan Mestre Bicocca Village


Barberino Designer Outlet Twenty


Auchan Bussolengo Auchan Vimodrone Esp


Centro D'Abruzzo Le Rondinelle


Romagna Center


Il Grifone Shopping Center Citta' Fiera


Name


Additional Gross Leasable Area (Square Meters)


13,700 9,600


16,500 9,000 6,000


13,000 9,827 2,682


17,000 3,006


15,000 7,787


12,100 82,000


Opening


2013 2013 2013 2013 2013 2014 2014 2014 2014 2014 2015 2015 2015 2016


retrieved June 11, 2013. INTERNATIONAL COUNCIL OF SHOPPING CENTERS 31 5 RETAIL PROPERTY INSIGHTS VOL. 20, NO. 2, 2013


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