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Wow to open a second store in Madrid's Calle Serrano in 2023
Wow is set to open a new location on Madrid's Calle Serrano. The founder and president of the innovative concept store, Dimas Gimeno, has rented the building located at number 52 of the shopping street, which until last summer was occupied by El Corte Inglés.
Gimeno, former president of El Corte Inglés, has leased this property for a period of up to 30 years, according to the newspaper El Confidencial, which added that Wow plans to open its new store in Serrano during the second half of 2023.
The building, which until a few months ago was occupied by the Spanish retail giant, has the right amenities to perfectly display the multi-brand offering that Wow is committed to. It also has two floors dedicated to gastronomy, an area in which Gimeno's concept store is also looking to develop. The brands Gran Vía location, has two floors reserved for this purpose.
This venture has come at a time when the entrepreneur is also involved in a financing round to raise up to €20 million in capital. Gimeno's goal is to divide Wow by target audiences: the Serrano space will be aimed at luxury shoppers, while the Gran Vía space will be targeting a more contemporary clientele, focusing more on offering culture and gastronomy.
Wow opened its doors at number 19 Gran Vía in spring. The 5000 square metre space houses a unique compilation of niche and emerging brands and centres a large part of its offering on fashion. It also features a marketplace to complement its retail activity.
The project was launched at the end of 2020 and, that same year, Gimeno and his partners closed a financing round with the American investment fund FJLab, raising €2.8 million. In September 2021, the company's capital was increased with a new financing round of €8 million.
The Stage Venture, the company entrusted with managing Wow, recently beefed up its board of directors with the appointment of three independent board members.
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