It was purchased in 2019 and has remained closedsince then . After years of silence, Prada, the famous Italian fashion brand, will once again be active at 64 Serrano Street. The premises, located in the epicenter of Madrid’s luxury district,cost the firm €100,000 per square meter, making it the most expensive in Spain.
It is now being prepared to become Prada’s new flagship store in Madrid. According to sources at Idealista News, renovations have already begun on the establishment, which aims to offer a different shopping experience and reinforce the brand’s values.
More than 900 square meters
Calle de Serrano in Madrid. | Editorial credit: Wikimedia Commons
The space is divided into three floors, with a total of more than 900 square meters and a representative facade, which corners Calle de Don Ramón de la Cruz. It is spacious, visible, and strategically located in the heart of the Golden Mile, the capital’s most prestigious shopping area.
It is surrounded by renowned fashion labels, such as theLuis Vuittonstore, Dior, and a Moncler boutique, among others. In this way, Prada is strengthening its presence on Calle Serrano, where it already has a point of sale at number 26.
A strategic investment
Inside one of the brand’s boutiques. | Editorial credit: Prada
In 2019, the Italian brand invested nearly €59 million to acquire Bankia’s offices and create its new headquarters. In the wake of the pandemic, many brands are turning to physical stores to offer a new experience to their customers, as was the case last year with Zara’s new store, El Apartamento.
Thus, the store is no longer just a place of sale, but a space to build the brand, present new collections, and maintain proximity to its audience. In addition, thanks to the boom in premium tourism, Madrid welcomes a large number of visitors with high purchasing power from the United States, Latin America, and the Middle East.
The purchase of Prada has not followed traditional commercial logic, as it has been waiting for years for the right moment to open and design its concept before launching. In any case, the premises are a great asset in one of the most resilient streets in the European market, providing a guarantee against possible crises.
More Prada stores in Madrid
Prada store on Calle Goya. | Editorial credit: Wikimedia Commons
Beyond its two stores on Calle Serrano, at numbers 26 and 64, Prada has a greater presence in the capital. At Calle Goya, 5, it has a store dedicated to men’s fashion: Prada Madrid Uomo.
It also has its own space within El Corte Inglés on Castellana, located at 19 Raimundo Fernández Villaverde Street, next to Nuevos Ministerios.