The Italian clothing retailer has shut down its flagship store in the centre of Milan, in an effort to focus on smaller stores.
The Benetton flagship, which was opened in 2003, occupies an area of 1,750sq m over three storeys and boasted stunning views of the square of the Duomo cathedral in Italy’s fashion capital. The group has reported a net loss of Є250M in 2020, most of which can be attributed to the Coronavirus pandemic and its lasting impacts on the retail scene.
The group commented: “The pandemic has led us to reconsider our commercial strategy and in particular the one regarding large-scale stores.” The group has decided to prioritise stores of around 160-250sq m in size rather than its ‘mega-stores’. The group hopes that by doing this, they will entice shoppers back to physical in-store shopping.
Benetton currently has 4,468 stores worldwide, including 1,200 in Italy, most of which are operated as franchises.
