Everyone knows Ferrari. But, do you know that they’re opening their first store in North America? Do you know it’s in New York City? Do you know why it’s taken so long for this to occur? Let’s answer these questions here.
First, let’s start with some general history about Ferrari. Ferrari is an Italian luxury sports car manufacturer based in Maranello. Founded by Enzo Ferrari in 1939 out of Alfa Romeo’s race division as Auto Avio Costruzioni, the company built its first car in 1940. However, the company’s inception as an auto manufacturer is usually recognized in 1947, when the first Ferrari-badged car was completed. For most of its history, Ferrari has focused its attention on the Asian and European markets. However, things are changing.
Ferrari is revving up its retail presence in the U.S. with a new store in New York.
The Italian sports car maker opened Ferrari of Greenwich, its first flagship store in North America, located just outside New York City in Connecticut. The 10,000-square-foot facility will showcase Ferraris newest models and sell merchandise such as clothing, bags and other accessories branded with the company’s logos. The store will also offer test drives for customers interested in buying one of the luxury vehicles. “This is an important step for us to get closer to our clients,” Enrico Galliera, chief commercial officer at Ferrari said during a press conference at the dealership ahead of its opening. “We want them to experience everything that is Ferrari.” Ferrari already has a strong presence in Greater New York area with five dealerships, but this is its first stand-alone branded store in North America. The move comes as part of the company’s wider strategy to boost sales by expanding its global reach and increasing its visibility through more high-end retail experiences like this one. It also underscores how important the U.S., Ferrari’s second largest market after China, is to the company’s growth plans. Last year, Ferrari sold 3,024 cars here, a 12% increase from 2016, and it expects that number to grow again this year as it launches new models like an updated version of its entry level California T convertible. So far this year, U.S sales are up 22% over last year. “Today, we start a new chapter,” said Gioncarlo Benedetti Ward, COO at Ferrari North America Inc., “one focused on creating even stronger bonds with our clients.”
Ferrari now has stores in many countries around the world.
The company has a strong presence in Europe, North America, and Asia. Ferrari also has a growing market in South America and Africa. The main reason for Ferrari’s global expansion is to be closer to its customers. By having stores in multiple countries, Ferrari can better serve its customer base and provide a more personalized shopping experience. Additionally, being present in multiple markets allows Ferrari to better understand local preferences and tailor its products accordingly. For example, Ferrari offers different models of cars specifically for the Asian market. Another key reason for Ferrari’s international expansion is to maintain or grow its brand equity. As one of the most prestigious luxury brands in the world, it is important for Ferrari to protect its image and reputation. Having a strong global presence helps to solidify the brand’s position as an elite player in the luxury automotive market. Ultimately, by expanding into new markets around the world, Ferrari is able to reach more customers, better serve existing customers, and protect its valuable brand equity.
As is the case with any growing and changing company, Ferrari’s gameplan is constantly molding to its environment and audience. However, there’s no change in its success rates. If you’re looking to invest in a Ferrari, now is the time.