McArthurGlen announces the creation of a brand new 80 million retail village at Noventa, near Venice. The 20,000 m² development will showcase 125 luxury and high street brands in a ground-breaking, architecturally striking scheme that will open in 2008. Construction begins early next year.
McArthurGlen chairman, J.W. Kaempfer said: "I am delighted to add Venice to McArthurGlen's growing coverage of the Italian market. Here, as in Milan, Rome, Florence and Naples, we will create what we hope is a revolutionary retail experience for the community, consumers and retailers alike.
"Venice, I am certain, will prove to be another vital link in our increasingly powerful distribution chain that has seen our core brand partners expand with us across Europe to 16 destinations."
McArthurGlen will build the Venice center in a joint venture with leading Italian developer, Group Fingen. Fingen chairman Jacopo Mazzei said: "This will be our fifth joint-venture with McArthurGlen and we are looking forward to bringing the same economic benefits to the Veneto region that we have brought to the communities near Rome, Milan and Florence where our projects have substantially boosted employment, local tax revenues and commerce."
The Venetian announcement underlines the phenomenal pace of expansion for McArthurGlen this year and reflects its position as Europe's fastest-growing retail developer. In addition to opening Barberino, near Florence in March, McArthurGlen has announced new openings for Naples, Athens and Hamburg and taken over existing centers near Berlin and Salzburg. Altogether it has 120,000 m² under development including two designer outlet centers due to open in the next 18 months.