What: Located on central Piazza Fiume, the store will be subjected to a radical remodeling to be fully disclosed in August 2023.

Why is it important: Mostly relying on local customers, the store will focus on the food hall, as well as on women’s shoes and beauty.

According to Rinascente’s business plan, Roma Piazza Fiume, which will host the collections of more than 500 brands, will generate EUR 50 million of net sales within five years from the end of the renovation.

Building owner Prelios SGR revealed the renovation agreement with Rinascente to restore the building was signed in April 2020, during the first lockdown. Despite Rome certainly being one of the most important tourist destinations in the world, the store on Piazza Fiume mainly relies on local consumers, which account for 98% of its around one million annual visitors.

The renovation, which will require an investment of EUR 37 million (EUR 23 million will be paid by Prelios SGR’s Megas fund, Rinascente will disburse EUR 9 million and concession brands will invest EUR 5 million to decorate their spaces), will address the facade, the interiors and the outdoor space around the building, including a garden.

A big focus will be put on the food hall on the last floor, as well as on women’s shoes and beauty. As the company traditionally does with its stores, Rinascente assigned the renovations of the levels to different architecture firms in order to create customized and diverse spaces.

In June 2020, the company, launched its e-commerce, which is currently available only for Italian consumers. The online store is still in a developing phase, and don’t carry all the concession brands yet. They should join soon, contributing to reach Rinascente’s five-year goal of EUR 100 million in sales.

In 2020, Rinascente saw its net sales decreasing 35%. The business is expected to return to pre-Covid figures in 2022. In 2019, the company generated net sales of EUR 800 million.

Rinascente Piazza Fiume Store in Rome to Be Fully Renovated by 2023