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  1. © 2015 The European House - Ambrosetti S.p.A. ALL RIGHTS RESERVED. This document is property of TEH-A. It may not be reproduced, memorized for storage in an electronic data base or transmitted in any form or by any means (electronic, mechanical, photocopying, recording or other), in whole or in part, without the express written consent of TEH-A. Strictly Confidential PAOLO GALLO Cape Town - October 1 and 2, 2015 Building a Community of Leaders for Growing their Enterprises in the two Countries and Continents The European House - Ambrosetti is named best Private Think Tank in Italy, 4th in Europe, and in top 20 in the World in the University of Pennsylvania’s “2015 Global Go To Think Tanks Report”
  2. © 2015 The European House - Ambrosetti S.p.A. ALL RIGHTS RESERVED. This document has been created and prepared by TEH-A for the recipient client. No part of it may be reproduced in any way whatsoever for third parties, or used by the same, without the written authorization of TEH-A. It may not be used separately from the presentation and/or comments that accompanied it. Strictly Confidential The European House - Ambrosetti has been named best Private Think Tank in Italy and 4th in Europe, in the University of Pennsylvania’s “2015 Global Go To Think Tanks Report” Cape Town - October 2, 2015 Building a community of leaders for growing their enterprises in the two countries and continents Italian railway stations: Grandi Stazioni case study Paolo Gallo – Chief Executive Officer, Grandi Stazioni
  3. 2 2015 - South Africa-Italy Summit Grandi Stazioni: who we are The mission Our mission is to manage, refurbish and commercialize the main Italian railway stations, in order to provide visitors with the highest service level and the best experience while maximizing shareholder value. Key numbers  14 stations in Italy and 2 abroad  750 million contacts each year  Over 900 million € investment program  Over 200 million € turnover  1.5 million sqm of real estate  500 shops opened so far…  …and 1,500 by 2020 Our shareholders 60% Ferrovie dello Stato – 40% ES (Edizione/Benetton, Pirelli, Vianini/Caltagirone, SNCF)
  4. 3 2015 - South Africa-Italy Summit Grandi Stazioni: Our Value Proposition The smartest way to enter the Italian Retail market for top tenants Milion visitors/year with high purchase behaviour 750 Innovations to improve the customer experience and digital marketing New retail spaces located in prestigious and renewed historic buildings Strong partnership approach between Grandi Stazioni and its tenants
  5. 4 2015 - South Africa-Italy Summit The youngest, most socially active cluster with the higest spending capacity among the Italian population Pepole under 35 yrs old 26 30 Grandi Stazioni consumers are young, curious, hi-tech and with high spending capacity 44 29 42 24 26 11 Italian Average GS Percentage Interested in new technologies High spending for personal apparel Willing to try out new products Purchase of products and services through internet 24 15
  6. 5 2015 - South Africa-Italy Summit Grandi Stazioni is implementing a growth plan with clear targets for 2020 From 450 to ~1.400 stores: the largest «widespread» shopping mall in Italy (~€1,2 bn store turnover, 5x the current largest Italian malls) Retail spaces: ~230.000 mq (2,5x vs. today) Distinctive customer experience: cleanliness, security and comfort as in the best shopping malls Digital stations: building a direct relationship with visitors through targeted promotions and connectivity in the station (Wi-Fi) 850 million visitors per year (+13% vs. today) Repositioning of the category mix to approach a higher customers target through segmentation and zoning In 2020
  7. 6 2015 - South Africa-Italy Summit Grandi Stazioni focuses in 3 key areas of business Key activities Refurbishment and investment management  Refurbish prestigious historical rail stations and buildings  Set up the buildings to maximize their appeal to visitors, retailers, and advertisers  Plan and execute works on a large scale and in critical urban areas  Provide key services to tenants and visitors: maintenance, cleaning, security, and utilities  Manage parking lots in strategic areas near the key stations to serve increasing travelers and non-travelers demand Facility management and parking  Manage a “shopping malls network” in the heart of the main Italian cities and abroad  Commercialize Media&Advertising space by offering a set of increasingly digital and interactive assets  Develop marketing campaigns to station visitors through traditional and digital tools: co-marketing initiatives, promotional events, smartphone app, websites, wi-fi, ... Commercial activities 1 2 3 2a 2b 2c
  8. 7 2015 - South Africa-Italy Summit Refurbishment initiatives in the recent past significantly improved historical Italian railway stations and other projects are in place for the future Milano Centrale: restyling of the «Galleria delle Carrozze» for Expo 2015 (project by Giugiaro) MetroNapoli: commercial gallery with 24 new spaces for retail leasing (project by D. Perrault) Roma Termini: new commercial spaces and restyling of the existing commercial gallery Already achieved … … and what is coming up 1 Milano Centrale: refurbishment of «Magazzini Raccordati» (130 shops and 40,000 sqm area) - (project by Giugiaro)
  9. 8 2015 - South Africa-Italy Summit 7 new projects are on their way to further expand the offering Project Available from… 2015 2016 (first parcel) 2017-18 (second parcel) 2018 2017 2017-18 (first parcel) 2019-20 (second parcel) 2017 A C D E F B G Milano Centrale: 6 new glass spaces in Galleria delle Carrozze for the EXPO 2015 event Metronapoli: creation of 24 new retail spaces of ~6,000 sqm in piazza Garibaldi Roma Termini: new F&B area of 7,000 sqm Roma Termini: restyling of the shopping gallery («Galleria gommata») at the platform level Venezia Santa Lucia: refurbishment of Edificio 4 with 1,500 sqm of new retail spaces Milano Centrale: refurbishment of Magazzini Raccordati with the creation of ~130 new commercial spaces Creation of a shopping gallery in the new high-speed railway station of Bologna 2015 (first parcel) 2016 (second parcel) Finalized 1
  10. 9 2015 - South Africa-Italy Summit Refurbishment of Piazza Garibaldi in front of Napoli station and creation of MetroNapoli commercial areas 1
  11. 10 2015 - South Africa-Italy Summit Refurbishment of Roma Tiburtina station and creation of new commercial areas 1
  12. 11 2015 - South Africa-Italy Summit Roma (x2) Milano Napoli Torino Firenze Venezia (x2) Verona Bologna Genova (x2) Palermo Bari Grandi Stazioni’s network of “shopping malls” is positioned in the central areas of the most prominent Italian cities and will significantly grow in the near future Praga Shops Retail square meters 1 Visitors (million) 2014 2020 ~500 ~1,500 x3.0 ~220 ~95 x2.3 ~870 ~750 x1.2 1 Includes only commercial areas 2 Prague
  13. 12 2015 - South Africa-Italy Summit Grandi Stazioni network hosts a mix of International and Italian brands and has started a successful journey of high-end repositioning 2A New brands – repositioning towards high-end brands Existing brands – a wide range of brand with consolidated market reputation
  14. 13 2015 - South Africa-Italy Summit Turnover’ tenants per square meter is the same as high street Food 25% sqm Services 15% sqm Retail 60% sqm Best performer tenants’ turnover per sqm ‘000 Euro/sqm 2A 25 50 20 50 Jewelry Fashion Cosmetics and beauty Food & beverage
  15. 14 2015 - South Africa-Italy Summit At Milano Centrale At Roma Termini Considered as the most beautiful store of the group First SPA within a railway station First example of new F&B format for Autogrill First fitness center within a railway station The biggest store with 4 levels of 2.500 sqm First store opened in Italy Many retailers implemented innovative projects within Grandi Stazioni network 2A
  16. 15 2015 - South Africa-Italy Summit Success stories: Desigual became a widespread brand in Italy by opening its first stores within GS network Key figures in 20141 Number of stores in Grandi Stazioni 8 Total covered area ~2.200 mq Average area per store ~270 mq Number of stores in Italy 76 Openings timeline March 2011 Entrance in the Italian market through the opening at Milano Centrale (60 sqm) November 2011 Napoli Centrale (60 sqm) Torino Porta Nuova (300 sqm) December 2011 July 2012 Roma Termini (350 sqm) Verona Porta Nuova (150 sqm) August 2012 December 2012 Milano Centrale – Flagship store (1.000 sqm) Venezia Santa Lucia (150 sqm) Roma Tiburtina (120 sqm) December 2013 March 2015 Firenze SMN (90 sqm) 2A
  17. 16 2015 - South Africa-Italy Summit Calvin Klein opening in Galleria delle Carrozze Milano Centrale - project by Giugiaro 2A
  18. 17 2015 - South Africa-Italy Summit Shopping Garden in Venezia Santa Lucia 2A
  19. 18 2015 - South Africa-Italy Summit Today Tomorrow: reduce by 30% footprint By 2020 GS media has planned a significant investments to improve technology and design of its equipment to double again its market share GS Media has increased revenues (+4% yearly increase) doubling its market share in the last 5 years. Equipment:  1.000 VDC - 160 interactive Digitotems with touch features, webcam and NFC reader, 10 Videowall  >600 traditional equipments Grandi Stazioni is moving to a digital media and advertising offering 2B  Total renewal of the VDC (700 new VDC screens) and extension of existing digital network (including 160 new Digitotem)  12 new Iconic and spectacular equipments designed by Giugiaro (Milano Centrale)  Digital transparent panels to be installed in Roma Termini  5 new Maxiled across the Network
  20. 19 2015 - South Africa-Italy Summit Some large and recurring clients consistently invest in advertising with the GS Media network Engagement with equipments Traditional and digital Total domination with engagement campaings Largest domination, with high adv spending on large and traditional equipment Interactive digital campaings with audience measurement Advertising campaings integrating equipments traditional and pop-up store 2B
  21. 20 2015 - South Africa-Italy Summit Adidas launched a huge interactive campaing by controlling all the Digital products for the launch of the Predators Brand 1-21 Sptember 2014 (interactive digital campaing on Digimupi circuit) Time Milan Centrale Station Tradizitional, Digital GS Media equip- ment Engagement based on digital interactive equipment; campaing continued for 21 days (75-100% air time) with audience monitoring 2B
  22. 21 2015 - South Africa-Italy Summit Armani e Dolce&Gabbana, with these consistent investment in adv, have the largest domination in the Grandi Stazioni network Brand 12 months (Armani) 5-6 months (D&G, in Milano during fashion weeks) Time Network GS (Armani) Milan Centrale (D&G) Stations Traditional GS Media equip- ment Year long domination in all the GS network (Armani) or focused on a specific timeline and one specific station (D&G) with large traditional equipment 2B
  23. 22 2015 - South Africa-Italy Summit Vodafone acquired huge visibility in the short term through campaings in Napoli and Milan stations Brand 2014 Time Napoli Centrale, Milano Centrale Stations Tradizionale, Engagement Equip- ment Full monitoring of the flows through integration of large traditional and engagement equipment 2B
  24. 23 2015 - South Africa-Italy Summit In order to pursue its innovative marketing strategy, Grandi Stazioni is focusing on some primary initiatives 2C Goal  Attract visitors and increase traffic  Improve the conversion rate (visitors who purchase)  Increase the average ticket  Build a strong customer base  Offer a valuable and exclusive service to visitors Digital marketing primary initiatives  App and Websites restyling with additional services (e.g. train timetables, maps)  Customized push notifications App ‘Around Station’, Web and Social repositioning 2  Free Wifi connectivity within 2015 in 5 major stations  Visitors geolocalization and flows tracking Station WiFi 1  Partnership with tenants to create customized offers for visitors  Partnership with train operators to reach a wide range of passengers Co-marketing initiatives 3  Engagement events to promote the station  Visitors data collection through contest registration Promotional events 4
  25. 24 2015 - South Africa-Italy Summit Grandi Stazioni is launching concrete initiatives in order to improve the customer experience of its railway stations Launch of personalized digital marketing campaigns through the implementation of free Wi-Fi in the 14 railway stations (6 already in 2015) and relaunch of the app “Around Station” Realization of new retail spaces for ~130.000 sqm Higher investments in cleanliness, security and comfort in order to improve the customer experience New services for travellers: luggage storage, porter, shipping services Positioning of GS network as a “shopping gallery” by increasing advertising expenditures (+100% by 2018) Digitalization of the advertising equipment among the entire network (+50% digital and iconic systems) 2C
  26. 25 2015 - South Africa-Italy Summit Train schedule New notification system New layout and wayfinding New stations App <Around Station> 2C
  27. 26 2015 - South Africa-Italy Summit Ongoing events for promoting GS Commercial Galleries and building a database of the railway station users Goals  Promoting GS Commercial Galleries  Building a database of railway station users  Attract visitors increasing traffic in the station  Enhance sales in the commercial spaces Activities  Show (music, theatre, urban garden)  Contest through registration 2C
  28. 27 2015 - South Africa-Italy Summit GS Digital Directory on Digitotem 2C
  29. 28 2015 - South Africa-Italy Summit Digitotem: new equipments and functionalities New functions Touch- screen Video analytics QR code support Webcam Card reader Parfume blowers 2C
  30. 29 2015 - South Africa-Italy Summit Going forward, Grandi Stazioni aims to further improve the services offererd to tenants and visitors 3 Facility management Key ongoing initiatives Maintena nce  Daily maintenance in commercial gallery areas; Front, glass walls and ceilings maintenance  Daily mainenance in commercial gallery areas  Front, glass walls and ceilings maintenance Parking: improve mobility Cleaning  Staff’s number and and cleaning shift increase to improve service level Security  Staff’s number boost in the primary stations; new gates to access platforms Utilities  Light units substitution or upgrade  Cost savings by energy efficiency: LED installation, high efficiency boilers installation, cogeneration, solar thermal installation 14 new parkings opened over the next years # car slot Opening year  Verona Porta Nuova  Genova  Firenze SMN  Milano  Torino Porta Nuova  Venezia Mestre  Palermo Centrale  Napoli  Roma  Bologna Centrale  ~300  ~400  ~30  ~700  ~200  ~300  ~30  ~750  ~1400  ~100  2015  2015  2015  2015/17  2016  2016  2016  2017/18  2019/20  2020 Total of 4.400 new spaces by 2020
  31. 30 2015 - South Africa-Italy Summit International Experience: GS Ceska
  32. 31 2015 - South Africa-Italy Summit Map Pictures GS Ceska: Prague station Hall
  33. 32 2015 - South Africa-Italy Summit GS Ceska:The New Hall offers several opportunities for tourists, commuters, and people visiting the station •Apparel and accessories •Books and magazines •Perfumery and jewelry •Health and beauty Retail (26 stores) •Supermarket •Confectionary •Restaurant •Fast-food Food&beverage (18 stores) •Bank •Money exchange •Travel agency •Pharmacy Services (22 stores) A safe and clean railway station thanks to a modern facility management
  34. 33 2015 - South Africa-Italy Summit Grandi Stazioni Ceska Republika has already brought the New Hall to a new life The New Hall was transformed into a modern, clean and pleasant Station
  35. 34 2015 - South Africa-Italy Summit Map Pictures GS Ceska: Fanta station building in Prague
  36. 35 2015 - South Africa-Italy Summit Grandi Stazioni is going through a corporate reorganization that will lead to the privatization of the retail business From one Company…  Commercial lease  Directional lease  Media & Advertising  Facility Management  Parkings  Luggage deposit and toilets  Engineering services  Property  GS Ceska … to 3 Companies and privatization of GS Retail Rationale  Focus on business areas with similarity of business, counterparties and business objectives  Increased specialitization GS Retail  Commercial lease  Media & Advertising  Luggage deposit and toilets  GS Ceska GS Rail  Facility Management  Directional lease  Parkings  Ticket offices for train operators  Engineering services GS Real Estate  Lease of property spaces Privatization process is ongoing
  37. 36 2015 - South Africa-Italy Summit Grandi Stazioni’s skills are transferable to other countries as shown by the participation in Czech Republic and several ongoing international discussions....  Concession until 2046 to manage 2 stations in Czech Republic  Ongoing discussions for future collaboration with: • Russia • India • Kazakhstan • Saudi Arabia  Continuous contacts with other major railway company from other countries (e.g., Poland, Turkey, Canada) GS international networking The effort in Czech Republic is a successful case of the GS know-how internationalization  Results Highlights: transformation of Prague station into a modern, safe and functional transport&retail hub  Ongoing work: Refurbishment and revitalization of historical building (FantaBuilding) in Prague
  38. 37 2015 - South Africa-Italy Summit ....could South Africa become one of GS partners in the future?  Renewal and refurbishment of railway stations transforming them in attractive and safe transportation&retail hubs, accompanying current PRASA effort of fleet renewal to deliver a full turnaround of service/travel experience  Shaping attractive and efficient retail spaces to further increase the value through cutting-edge approach (e.g., station masterplan, zoning,…)  Identification and retention of interesting retail tenants through a structured methodology (e.g., brand database, sales funnel approach, revenue sharing model with tenants)  Transfer of GS expertise also outside the railway stations context e.g., by helping the re-launch of downtown areas or in other transportation hubs (e.g., cruise terminal) Potential areas where GS could help South Africa
  39. 38 2015 - South Africa-Italy Summit Thank you for your time