Second Excelsior luxury department store to open in Verona
Following the success of the Excelsior in Milan, a project developed by Coin Group, the company has decided to open a second location in Verona. The Excelsior in Verona will cover 5 floors and a total of 3.700 sqm, the investment being estimated at 8 million euros. Excelsior is a mix between a department store and a concept store, featuring ready to wear, sportswear, shoes, accessories, CDs, DVDs, gourmet foods but also shop in shops such as Tiffany. The Coin Group projects sales of 30 million euros and a net profit of 1,5 million euros. The next Excelsior is scheduled to open in Rome, however, the location has not yet been announced.
Italy’s luxury retail has been expanding thanks to the influx of Asian, Russian, Ukrainian and South American wealthy shoppers, who are drawn by lower prices than in their countries (in the case of China, up to 40% cheaper) but also by the shopping experience and the lifestyle associated with travelling abroad.
adapted from MFF