The closure of the Gucci boutique represents one of the most significant events of recent months for high-end retail in Lugano, and particularly on Via Nassa. The departure of such a prominent brand has inevitably sparked debate about the future of the street, considered for decades the main hub for quality shopping in Ticino. However, considering the international context and the continuing investment along the street, the picture appears more complex than the mere closure of a business might suggest.
Gucci's departure is part of a reorganization process involving the entire Kering group and affecting numerous international markets, while other operators are simultaneously expanding their presence or evaluating new locations in the commercial heart of Lugano.
A choice linked to Kering's global strategy
Speculations about Gucci's possible exit from Via Nassa had been circulating for several years. The first rumors emerged in 2021, subsequently reinforced by the French group's evolving strategies.
With the launch of the ReconKering plan , led by new CEO Luca de Meo, the group has initiated a significant rationalization of its international commercial network. After 75 net closures recorded in 2025, the first half of 2026 saw another 84 closures, 19 of which related directly to the Gucci network.
From this perspective, the decision regarding the Lugano boutique represents one of the consequences of a far-reaching industrial plan rather than a specific judgment on the Ticino market.
According to Roberto Mazzantini, president of the Via Nassa Association, the loss of historic brands like Gucci and Bally is certainly a negative element, but it cannot be interpreted as a definitive indicator of the future of the commercial street.
Bally, in fact, also underwent a corporate restructuring phase that affected several Swiss stores, with the closure of the stores in Lucerne, Basel and Lausanne, in addition to the cessation of production at the Caslano factory.
International brands continue to invest
While some fashion houses have chosen to reduce their presence, Via Nassa continues to attract significant investments.
Hermès recently completed a major expansion and renovation of its boutique, increasing its retail space to approximately 300 square meters. Cartier, meanwhile, acquired the premises formerly occupied by BancaStato and is working on a significant increase in its sales space.
Montblanc also opened a new store in recent months, while Kartell returned to Via Nassa on June 11th with a completely renovated boutique, marking the return of one of the best-known brands in contemporary design.
The offering has also been enriched with the arrival of Läderach, a Swiss company specializing in the production of premium chocolate, helping to expand the variety of businesses present along the street.
Meanwhile, a new international brand, operating in a sector other than fashion, has expressed concrete interest in taking advantage of the opportunities left vacant by Gucci.
As Mazzantini emphasizes, an expression of interest isn't yet equivalent to a signed contract, but it does demonstrate how the area's most prestigious commercial properties continue to attract international buyers.
Via Nassa expands its commercial identity
The evolution of the street does not only concern individual brands, but also the overall development model.
In recent years, the exclusive importance of fashion has gradually diminished, making way for a more diversified offering, including watches, jewelry, design, technology, food, quality services, and offerings dedicated to the customer experience.
This diversification represents one of the elements that could strengthen Via Nassa's competitiveness in the medium term, making it less dependent on the strategic decisions of large international fashion houses.
The profile of international customers is changing
At the same time, the composition of visitors who come to Lugano for shopping has also changed.
Data processed by Global Blue, a company specializing in tax-free shopping services and analyzing international tourist transactions, shows a significant transformation compared to the years before the pandemic.
In 2019, the Chinese market accounted for 26% of tax-free purchases recorded in the city, while Russia accounted for 14%.
In 2025, the scenario is profoundly different. The United States has become the leading market with 19% of tax-free sales, followed by the United Kingdom with 12%. Saudi Arabia and the United Arab Emirates each account for 8%, while the share of Chinese customers has fallen to 4%.
The change affects not only the geographical origin of visitors, but also their travel methods, the time spent in the area, and their expectations regarding the commercial offering.
Positive signals between trade and tourism
Overall, the volume of tax-free sales recorded in Lugano in 2025 grew by 2%.
While this figure does not represent the entire turnover of the city's trade, it is a significant indicator of the destination's ability to maintain its attractiveness for foreign visitors.
The tourism sector also confirms this trend.
In 2025, the Lugano region totaled 998.234 hotel overnight stays, a 2,5% increase over the previous year. The United States surpassed 80.000 overnight stays, recording an increase of approximately 12% and consolidating its position as the third-largest market after Switzerland and Germany.
As Roberto Mazzantini notes, these numbers don't automatically guarantee the profitability of each individual business, as each brand evaluates numerous factors, including operating costs, turnover, space productivity, and distribution strategies. However, they confirm the presence of an international clientele characterized by significant spending power.
The challenges facing Lugano commerce
Alongside the positive elements, there remain some critical issues that affect the entire sector.
The strengthening of the Swiss franc continues to impact competitiveness with visitors from the eurozone, while the transformation of the financial center has altered some of the traditional customer flows.
Added to this is the issue of Sunday and holiday openings, which is particularly relevant during the summer months, when, according to Global Blue, the greatest number of tax-free purchases are concentrated.
For the Via Nassa Association, being able to guarantee services and activities during peak periods is a concrete competitive advantage, coupled with the need to offer experiences capable of building loyalty among an increasingly demanding clientele.
The relationship with Milan and the role of Malpensa
In comparison with Milan, a more complex relationship emerges than a simple competition.
The Lombardy capital boasts a size, tourist flows, and brand concentration that Lugano can't match. At the same time, however, Global Blue data highlights a strong connection between the two destinations.
Malpensa is in fact the main refund point for tax-free transactions carried out in Lugano, with 20% of transactions, ahead of Zurich Airport which stands at 16%.
This suggests that a significant portion of international clientele includes Lugano in itineraries that also include the Milan area, transforming geographic proximity into an opportunity to integrate tourist flows.
An evolution that continues
The current situation in Via Nassa demonstrates how high-end retail is now heavily influenced by the global strategies of large international groups.
Gucci's closure undoubtedly represents a significant change, but the numerous ongoing investments, the interest shown by new operators, and the evolution of international demand point to a reality that is transforming rather than contracting.
The challenge will be to accompany this change by enhancing the elements that distinguish Lugano: quality services, safety, hospitality, integration between commerce, tourism, restaurants, culture, and events, thus maintaining Via Nassa among the main destinations for high-end shopping in Switzerland.
