TURIN — Fifty-million euros annually in five years. This is the revenue target that Rinascente chief executive officer Pierluigi Cocchini set for the company’s revamped department store located in the center of Turin.
“We expect that the revenues here will more than double in five years,” he said, adding that the store in 2018, before the renovation, generated revenues of 23 million euros.
On Thursday night, Rinascente hosted an event to celebrate the store, which has been part of the company’s portfolio since 1973.
“We were renting the three levels of the building and when three years ago we had the chance to acquire the whole site, we decided to significantly invest in the project,” said Cocchini, highlighting that Rinascente’s parent company, Central Group, acquired the building for 33.5 million euros.
Following a renovation of about two years, with an investment of around 20 million euros, the Rinascente Turin store now spans six floors covering a surface area of 75,444 square feet.
The company tapped four designers to develop the project. Gianmatteo Romegialli worked on the grand facade covered with classic Travertino marble and punctuated by aluminum inserts lacquered in a washed brass tone, as well as on the first floor, which is dedicated to beauty and accessories, including corners for luxury labels, such as Bottega Veneta, Marni and Burberry. Paolo Lucchetta designed the second and third levels, focused on men’s formal and smart ready-to-wear, as well as fashion contemporary and shoes, respectively. The fourth floor, designed by Fabio Fantolino, offers women’s contemporary designs, along with a wide footwear selection, while the fifth level, which was conceived by Milan-based Quincoces-Dragò & Partners studio, carries timeless women’s wear, underwear and children’s wear. In the basement, interior design, homeware and travel accessories find their place next to a wine shop, an area dedicated to fine chocolate, as well as a niche food market.
“The decision to tap four different designers is a clear reflection of Rinascente’s strategy aimed at creating not a retail chain, but an edited collection of unique locations, each rooted in its own territory,” said Cocchini. “At Rinascente we set aside the idea of delivering a shopping experience, we want to offer 360-degree experiences and our in-store teams have been trained to reach this goal.”
It’s not by chance that Rinascente decided to dedicate an area on the first floor to food. Accessible from the store’s main entrance and a dedicated door, the Japanese-Brazilian Temakinho restaurant, which made its debut in Milan years ago and is now present in several locations, including Rome, Ibiza and Formentera, welcomes visitors from lunch to dinner, keeping the atmosphere of the store alive also after the closing time.
Following the revamp of the department store in Turin, Rinascente can focus on additional projects, including the renovation of the Florentine unit, which, following works valued at 13 million euros, will be unveiled in October 2020. “The focus for the Florentine store is to highlight and celebrate the excellence of the craftsmanship deeply rooted in the heritage of the Tuscan city,” Cocchini said.
Within the first semester of 2020, Rinascente will complete the renovation of the three levels dedicated to women’s fashion of its jewel in the crown, Milan’s flagship overlooking the Duomo cathedral. “The floors will be significantly transformed, we will elevate the shoe area with high-end new entries and the sixth floor will be redesigned by David Chipperfield,” Cocchini revealed.
In addition, next year Rinascente will start renovating its second Roman store, located on Piazza Fiume. “We will invest over 30 million euros to revamp it,” the executive added.
At the same time, 2020 will mark the debut of Rinascente’s omnichannel strategy, which will see its brick-and-mortar stores working synergically with the digital platform. For the first phase of the omnichannel project, Milan’s flagship, featuring 120 retail concessions, will serve as warehouse to ship the products.
Rinascente is controlled by Central Group’s Central Retail unit, which is set to go public at the beginning of 2020.