Parma Promenade opens to the public: it generated 120 million in value in 2024-26

Parma Promenade officially opened to the public yesterday, Thursday 24 September, thanks to a total investment of 39 million euros.

The history of the Parma Promenade project

The process behind what is Emilia-Romagna’s first open-air shopping resort, with an economic impact already generated of 120 million euros, began in 2022, with the Madrid-based multinational Eurofund, in a joint venture with Signal, a London-based private investment company, acquiring Parma Retail (by Parcor), with assets worth 5,5 billion euros.

The latest arrivals, but certainly not the last

The openings, which began as early as 2 September, include among the most recent arrivals Old Wild West, Primark, New Yorker, Sorbino, Conté (footwear and fashion), Cvg (clothing), JD (sports), Mango, Parfois, Barbuti (men’s fashion), Uagliò (Neapolitan cuisine and pizza), Smashie, Doppio Malto, La Casa de las Carcasas (covers and accessories for mobile phones), Blue Spirit, Calliope, Candida (fashion retail). More new arrivals will follow…

There are currently more than 45 outlets that have opened, according to a phased schedule announced at the start of the project, which will ultimately lead, once fully operational, to a total of around 80 brands, of which 20 will be in the food and beverage sector. The occupancy rate has in fact been at 100% for some time.

All of this is spread across a total area of 51.000 sq m: 40.000 sq m of GLA.

EY provides the figures on the economic impact

The impact study, presented yesterday during the event and carried out by EY, estimates, as its key finding, a gross added value already generated of 120 million euros, of which 77 for the provincial capital over the three-year period 2024-2026, figures that take into account the supply chains and contractor networks involved.

The project has provided employment for more than 3.200 people, of whom more than 2.600 locally.

In the new operational phase, the centre is expected to generate 161 million euros each year, of which 108 for the provincial economy alone, while also contributing national tax revenue of 85 million euros every twelve months.

Parma Promenade between sustainability and leisure

Sustainability is a central aspect: in addition to installing solar panels, Parma Promenade has created 3.000 sq m of green areas and aims to decarbonise its main activities by 2027 and achieve complete decarbonisation in 2050.

To complement its retail offering, the complex provides 15.000 sq m dedicated to leisure and sport which, once completed, will include several padel and pickleball courts, a bowling alley, an indoor gym, as well as interactive and virtual reality areas.

During the first three days of opening and celebrations, all citizens were invited, from Friday 25 to Sunday 27 September, to celebrate the inauguration of the new shopping resort with a highly varied programme of entertainment and activities for both children and their families.

The programme is available on the website https://parmapromenade.it/

This article was translated from the original Italian version with the assistance of artificial intelligence. In case of discrepancies, please refer to the original Italian version.