Westfield and Arcus Real Estate, controlled by Stilo Immobiliare Finanziaria, joint developers of Westfield Milan, have reached agreement with Galeries Lafayette, France’s largest department store, to open a flagship in the centre which is set be Italy’s biggest mall.
Galeries Lafayette’s decision to anchor the new development is testimony to the strength of the Westfield Milan proposition, and to the city’s iconic status as a world centre for luxury and fashion. The Galeries Lafayette Italian store will be its second European store outside of France and it follows recent openings in Beijing and Jakarta.
Trading from four floors, the 18,000 sq m GLA flagship store will affirm Westfield Milan’s position as a new shopping destination for Milanese, Italian and European shoppers, as well as international tourists, and will complement the city’s traditional shopping areas.
Westfield Milan will be the first shopping centre in Italy to house a department store and the new Galeries Lafayette will introduce new and exclusive brands to Italy offering a unique point of difference.
At 175,000 sq m, the €1.3bn Westfield Milan development will feature over 300 stores; a luxury village; cinemas; leisure; entertainment, 50 restaurants, parking for 10,000 cars; the latest in digital technology and signature shopping and tourism services. It will incorporate the best of Italian heritage and design with Westfield and Stilo Immobiliare Finanziaria’s global experience in creating innovative retail and leisure destinations.
Westfield Milan has a compelling catchment with a market potential of €4.9bn and a population of over 7 million people. Milan has one of the highest per capita retail spend in Europe however has a major under-supply of shopping centres. Westfield Milan will therefore create a significant opportunity for international and Italian retailers to capture spend in a key global shopping destination and it is anticipated that it will deliver sales in excess of €1bn, comparing favourably to both Westfield London and Westfield Stratford City, at €1.2bn each.
Westfield Milan is well located for Milanese and tourist shoppers near Linate airport and has access to high speed railway connections. A new highway connection to the project will enable customers to drive from the centre of Milan in less than 20 minutes, as well as
providing outstanding access from throughout the trade area in all directions including the wider European market.
Michael Gutman Managing Director Europe Westfield said:
“Westfield’s global strategy is to develop iconic centres in key world cities and the inclusion of Italy’s first full line Galeries Lafayette department store in this location will be a key attraction for consumers seeking a real point of difference.
“For our first mall on mainland Europe, we will bring all our experience from London and other international centres as we believe the Milan region is dramatically underserved by a quality retail and leisure attraction.”
Antonio Percassi, Chairman of Stilo Immobiliare Finanziaria said:
“We are excited to welcome the first Galeries Lafayette store in Italy to Westfield Milan. The centre is located in key area of Italy with an attractive domestic and tourist catchment for retailers. The per capita income in the region exceeds the European average by 35% and attracts over 13 million annual tourists.
“We are extremely proud that Westfield Milan will also create thousands of new jobs for
Good progress is already being made on all issues relating to authorities and the delivery of vital infrastructure for Westfield Milan. The expected opening date is 2017/2018.