La Rinascente Department Store to open in Venice, Italy
The Benetton family holding company Edizione srl,which acquired Fondaco dei Tedeschi Palace in 2008, has received the approval of Comune di Venezia for the development of a department store, after almost 2 years of delays and arguments from several NGOs.
The Benetton family has opted for La Rinascente (owned by Thai based Central Group). The Benetton family has already paid the local authorities 6 million euros for the approvals and they anticipate a total investment of 40 million euros to restore and convert the palazzo in a department store, which will feature 6.800 retail space and 2.800 public spaces.
The restoration and re-configuration works are supervised by architect Rem Koolhaas. La Rinascente is reported to contribute with up to 18 million euros to the investment.