Serravalle Luxury Designer Outlet, Milan announces €115mn expansion
Europe’s largest luxury designer outlet, Serravalle Designer Outlet, near Milan, one of 20 McArthurGlen Designer Outlets across Europe, today announced its expansion.
Serravalle will expand to open a further 70 new stores, building on its position as one of Europe’s top fashion destinations, and a great-day out from nearby Milan. The existing centre will also be refurbished as part of the investment – with no disruption to opening hours.
At €115mn, this is the largest investment in the centre since McArthurGlen, the Group that brought designer outlet retailing to Europe, opened Serravalle in 2000 as the first designer outlet in Italy.
More than half of Serravalle’s sales (51%) are currently to intra-European and long-haul tourists. Tax-free sales, which account for just over a third of total sales, have increased by 250% over the past five years.
The centre is particularly popular with Chinese shoppers, sales to whom were up 45% in 2014 compared with the previous year. The centre has also welcomed increasing numbers of tourists from South Korea and Southeast Asia, in particular from Malaysia and Indonesia.
The expansion will add a further 12,500m² of retail space in two phases (3,500m² + 9,000m²) to bring the total to 51,500m². Together with the refurbishment of the existing centre, works are due to start later this month [June], with a planned opening of the extension for autumn 2016.