Serravalle will expand to open a further 70 stores, building on its position as one of Europe’s top fashion destinations and a great day-out from nearby Milan. The existing center will also be refurbished as part of the investment. There will be no disruption to the existing center.
At €115 million, this is the largest investment in the center since McArthurGlen opened Serravalle in 2000 as the first designer outlet in Italy. Since 2004, the center has been owned by the European Outlet Mall Fund (EOMF), which is managed by TH Real Estate and in which McArthurGlen is also an investor. McArthurGlen continues to be the center’s development, leasing, and managing agent. This latest expansion was made possible following the signing of a joint venture between EOMF and Aedes Commercial Properties Group.
The expansion will create 550 jobs, bringing the total employed at the outlet center to around 2,200. Further jobs will be created indirectly, with the tourism sector, in particular, set to benefit.