«This State at the end of the world is marking what is the step change of the luxury market in America, overcoming the shopping mall model”. Word from Riccardo Vannetti, chief brand and digital transformation officer at The Palmeraie, the 2-billion-dollar luxury shopping, dining and entertainment building being built in Scottsdale, Arizona, under the auspices of Five Star Development. «These experiments are also going on in other destinations in the US market, such as Highland Park in Dallas or the Design District in Miami. A new path that shows that there are no longer just shopping malls. In seemingly suburban areas, but deliberately in special places, the various Rodeo Drives for shopping at a certain level are starting to appear». After becoming chief marketing officer at Salvatore Ferragamo in 2018, Riccardo Vannetti now divides his time between the US and the post of director for special projects at the National Chamber of Italian Fashion.
«This is an exciting role at this moment in my career because the US represents a priority market for everyone in the luxury world. All investment in the industry has been concentrated for many years mainly in Asia. With the exit from the pandemic, the US has emerged as one of the most reliable markets. It has been enlightening for me to see the level of sophistication in Scottsdale and Arizona as a whole. It is clear that there is a huge gap between the level of consumers and the current market supply».
The first phase of the building will include a 215-room Ritz-Carlton resort and 80 Ritz-Carlton residences, while the second one (to be unveiled in 2023 as anticipated to MFF by Vannetti) will include a retail and leisure district with more than 60 boutiques of major international brands, restaurants and offices, as well as Fendi private residences, in the setting of an open-air environment with terraced gardens, scheduled for completion by the end of 2024.
«I also love the fact that a project of this scale is being developed by a true visionary, Jerry Ayoub, and a family business based precisely in Scottsdale, where every square inch of the project is designed and perfectly programmed to deliver a one-of-a-kind experience». As Ayoub himself explained, «shopping is a good way to take care of yourself, but luxury requires special attention and personal interaction that is not easy to achieve on a large scale. That is why in the exclusivity of The Palmeraie we need to be able to offer a one-of-a-kind experience».
How will retail be developed in The Palmeraie? What is the opening plan?
We will open by early 2024 next to the area of restaurants, residences and hotels, a first small retail space with maximum 10-11 stores in independent buildings that would become a kind of temporary luxury where we could put luxury brands that will have the opportunity to experience this new destination. What Jerry Ayoub tried to do was to create meaningful traffic. A commercial area close to the villas and hotels and especially the food & beverage part with Michelin-starred chefs.
And when are you opening the 60 boutiques you envisioned?
After this initial phase, whoever comes first will have the opportunity to choose in the biggest area, because we are building a rodeo drive without the drive. Every brand will have its own building-façade. Some will have a space or a garden, some a rooftop: every brand will be able to customize its own store.
Has any brand already come forward?
Absolutely. Just think that we have over 10 building under negotiation. The ones in the first project have almost all already been assigned.
Which phases will these ones have? When is the temporary part expected to begin?
In 2023, because our villas will be delivered by the end of the year. The hotel will open at the start of 2023. There is a very important event. The Super Bowl in Phoenix, in February. Just think that every time I come here, I always meet with CEOs and CMOs from Europe to see this expansion, it is a very hot destination.
So is this new distribution model born in Arizona?
This is the important part. Firstly, the US market, which is evolving especially under a customer sophistication point of view, is not essentially the logo anymore, but sophisticated and that knows well the brands’ depth and their value package. At The Palmeraie, we try to do the same thing, it must become a brand. We have been here for 17 years because we work responsibly: we dug water sources 500 meters deep, integrated the area within the two municipalities, redid roads, helped local communities.
When will the retail project be fully operational?
That phase should be operational at the end of 2025. We constantly receive managers and CEOs of the world’s top brands. We have had to say several no’s already, and of course there will be social facilities like Park House clubs.
Is it an exportable model? Are you interested in something else in the US?
It is, in my opinion, without a doubt. I would say this is the evolution of the Texan experience of Highland Park, which opened about 10 years ago, with lower-end stores that were later replaced by luxury brands.
Is an Arizona dream emerging, like the Kusturica’s movie?
Exactly. A very wealthy but also paradoxically more inclusive part is moving to Arizona, with a sustainable approach that is part of the DNA of this territory and this project. (All rights reserved)
Orario di pubblicazione: 18/10/2022 10:30
Ultimo aggiornamento: 18/10/2022 19:23
