Klépierre Doubles Down on Italian Retail with Strategic Acquisition of Bari's Premier Mall

BARI, Italy – January 02, 2026 – European shopping mall giant Klépierre has announced the acquisition of Casamassima, the premier shopping destination in the Bari metropolitan area, in a strategic move that underscores deep confidence in the Italian retail market. The deal, which closed at the end of 2025, transfers ownership of the Apulia region's leading retail hub to the Paris-based operator, signaling a significant expansion of its already substantial Italian portfolio.

Casamassima is a formidable asset, drawing 7.5 million visitors annually from a catchment area of 1.4 million people. Its remarkable loyalty rate, with over 90% of visitors returning, speaks to its dominant position. The mall is home to a powerful lineup of international brands, including a flagship Zara, the only Primark in the entire Apulia region, Decathlon, Leroy Merlin, and MediaWorld, making it a critical retail anchor for Southern Italy.

This acquisition is not a standalone investment but a calculated step in Klépierre's broader European strategy. The company has been actively refining its portfolio, divesting smaller assets to double down on large, dominant shopping centers in Europe's most dynamic urban regions. The move is expected to leverage Klépierre’s extensive operational platform to enhance the mall's performance and deliver swift returns.

A Strategic Play in a Booming Market

Klépierre's timing appears impeccable, capitalizing on a wave of renewed investor enthusiasm for Italian retail real estate. The sector has become a star performer, attracting €2.6 billion in investments in 2024—a 3.5-fold increase over the previous year. This momentum carried through 2025, with over €2.2 billion invested in the first three quarters alone, marking the highest figure in a decade for that period. International capital has been a primary driver, accounting for a majority of the investment volume.

This influx of capital is being steered towards assets exactly like Casamassima: large, out-of-town shopping centers that dominate their respective regions. These properties accounted for nearly 80% of retail real estate transactions in Italy. The trend is supported by a strengthening Italian economy, with steady GDP growth, moderating inflation reported at 1.7% in mid-2025, and historically low unemployment fueling consumer confidence and spending.

For Klépierre, Italy is already its second-largest market after its home country of France. This acquisition follows its purchase of the RomaEst shopping center in May 2024 for over €200 million, demonstrating a clear and consistent pattern of investment in top-tier Italian assets. By adding Casamassima, Klépierre further solidifies its claim as the leading mall platform in Southern Europe, creating a powerful network of high-performing retail destinations.

Revitalizing a Regional Powerhouse

Beyond the acquisition itself, Klépierre has outlined an ambitious plan to actively enhance the value and appeal of Casamassima. The company announced its intention to refurbish the center, aiming to significantly upgrade the customer experience. This initiative is central to the modern retail playbook, which prioritizes creating engaging, destination-worthy environments to compete with the convenience of e-commerce.

The strategy involves more than just a cosmetic facelift. It aligns with Klépierre's "Business-to-Business roadmap," a plan focused on partnering with major international retailers to facilitate their expansion. As part of the revitalization, several existing brands have already committed to expanding their footprint within Casamassima, with some planning to launch new flagship stores. This will further strengthen the mall's already potent retail mix and draw even more shoppers.

This focus on creating an 'experience' reflects a broader industry shift. The future of physical retail is seen not just in transactions, but in providing a compelling mix of shopping, leisure, and dining. Casamassima, with its 100,000 square meters of space and a 9-screen movie theater, provides a robust foundation for this evolution. Klépierre's expertise in mall management is expected to transform the property into a next-generation retail and leisure hub for the entire Apulia region.

The Financial Blueprint for Mall Revival

While the financial terms of the deal were not disclosed, Klépierre has been transparent about its expectations for a swift and substantial return. The company projects a "high single-digit cash return" on its investment starting as early as the first year of operation. This confident forecast suggests a clear strategy for unlocking immediate value from the asset.

The path to achieving this return lies in Klépierre's operational prowess. The company plans to enhance performance through a three-pronged approach: reversion, retenanting, and the introduction of mall income. Reversion involves capturing rent increases as leases are renewed at current market rates. Retenanting will focus on optimizing the tenant mix, replacing underperforming stores with more desirable brands that can pay higher rents and drive more foot traffic. Finally, boosting mall income involves generating new revenue streams beyond rent, such as from specialty leasing, pop-up shops, and in-mall advertising.

This model positions Klépierre not merely as a passive landlord but as an active asset manager. By integrating Casamassima into its leading European platform, the company can apply proven management techniques, leverage its deep relationships with international brands, and implement operational efficiencies at scale. This hands-on approach is designed to rapidly improve profitability and solidify the mall's long-term market leadership.

The Future of the European Shopping Center

The acquisition of Casamassima serves as a compelling case study for the resilience and evolution of the European shopping mall. Against a backdrop of narratives about a 'retail apocalypse,' Klépierre's strategy demonstrates that large, well-located, and expertly managed physical retail centers are not just surviving but thriving. The key is a pivot from being simple places of commerce to becoming multifaceted community destinations.

This vision is further bolstered by a commitment to sustainability, a core tenet of Klépierre's corporate identity. The group's inclusion in prestigious ethical indexes like the CAC SBT 1.5 and its 'A list' status from the CDP for climate action are increasingly important factors for investors, tenants, and consumers alike. As Klépierre integrates Casamassima into its portfolio, these standards of environmental and social governance will likely be applied, further modernizing the asset.

The successful transformation of Casamassima could serve as a blueprint for the revival of similar assets across the continent. It represents a bet that with the right investment, a superior tenant mix, and a focus on the customer experience, the physical shopping mall will remain a central and profitable pillar of the retail landscape for years to come.