In 2020, Rinascente turnover dropped by 40%, impacted by the covid. Stores in touristic cities Milan, Rome and Florence were hit the most while losses were contained in stores in the province. In the last months, Rinascente realised major investments in the Milan store, refurbishing two floors dedicated to womenswear as well as the jewellery department, in Rinascente Florence which has been completely refurbished and in Piazza Fume in Rome where construction started. This last project is a €30mn investment which will see a total revisitation of the historic building built by Franco Albini. On the commercial front, Christmas business in Milan recorded a positive progression despite the lack of tourists, thanks to impactful showcases and stronger commercial choices than in previous years. This experience has prompted Rinascente to undertake similar initiatives to the other stores, with large exhibition areas dedicated to sustainability themes, home essentials and wine & food, in addition to the Christmas one. In terms of digital development, WhatsApp’s on demand totalled €10mn in revenues, more than tripling the results versus last year. Looking at the airport data, Rinascente estimates that it will take at least two years to return to pre-covid levels.