PRADA wins key flagship space over Apple in the heart of Milan (update)
Italian luxury group PRADA won earlier this week the bid to lease a strategic flagship location within the Vittorio Emanuelle II Gallery, adjacent to the iconic Duomo in the heart of Milan. Prada will take over the space currently occupied by McDonalds and will engage in major renovation and restoration works. The future Prada flagship store at Galleria will cover 5.000 sqm on 8 floors and will feature besides the store, a cafe and a contemporary art gallery.
The strategic location was also targetted by Apple for a Milan flagship, however, Prada made a considerably higher bid. Prada financial offer provided a 150% increase rate on the annual. Prada has been operating a store within the Vittorio Emanuelle Galleria since 1913.
McDonald’s appeals the decision of Palazzo Marino, owners of the Galleria and remains firm – will only move if a similarly attractive space is offered or, alternatively, a 24 million compensation. The head of ”Salotto di Milano” organization which represents the tennants of the Galleria estimates it will be impossible for Prada to even consider opening before Christmas 2012.