Because Farinetti’s Fico has never been cool
Fico, Oscar Farinetti's Disneyland of food in Bologna, unfortunately soon proved to be a flop. That's why it wasn't hard to predict. The point of Mario Sassi, author of Blog_notes on work
"An idea, a concept, an idea as long as it remains an idea is only an abstraction" sang Giorgio Gaber. Yet FICO seemed to promise an interesting development. The place where it was built, however, immediately appeared to be a gamble. Yet for Oscar Farinetti one can paraphrase what Voltaire had coined for the Swiss bankers: “if you happen to see him jump from a window, follow him. There's certainly something to be gained."
In fact, it has always been like this. And this is certainly what the top management of Coop Alleanza must have thought when they bet on the sure success of the FICO operation in Bologna. Unfortunately, the Disneyland of food soon proved to be a flop. However, it was not difficult to predict. I had already written a few months ago my thoughts on the entire operation. Only the vision and ability to weave alliances of its founder could give birth to a project that I personally continue to think intelligent for our country, realizing it in a place that could not work.
The CEO Stefano Cigarini, called to the bedside of the seriously ill patient, said it immediately: “The initial entrepreneurial intuition was and is correct: to bring the experiences relating to Italian agri-food excellence into a single place. The vision probably had to measure itself against the cost and feasibility of the project itself and the choice of Bologna was by no means accidental. Although redesigned as a theme park, it never took off. The pandemic certainly didn't help. Among the things attributed by the owners to Cigarini, in addition to the disclosure of still confidential projects in the pipeline, there also seems to be the introduction of the entrance fee” ( Corriere ed. Bologna 18/3). According to the CEO, a positive choice that had an impact on the average expenditure and on the stay inside, however judged negatively by the owner because it would have caused a further expulsion of local visitors.
Stefano Cigarini is therefore ready to leave. After the three million losses of 2021, 2022 will inevitably follow suit with further losses. And Cigarini had been chosen precisely because of his fundamental CV to attempt the relaunch operation. A DAMS graduate with a Masters in Marketing, he has led some of the main Italian Amusement Parks such as Magicland and Zoomarine. Appointed CEO of Cinecittà Entertainment at the age of 33, a company of the historic Cinetelevisivi Studios in Rome, he was Marketing Director for BMG and Universal Studios. He was also Senior Vice President Entertainment and Events of Ferrari, with worldwide responsibility for Parks (Ferrari World Abu Dhabi, Ferrari Land Barcelona), Museums and Events of the Prancing Horse car manufacturer. And today, in addition to FICO, he is Chief Executive Officer of Cinecittà World, Rome's Cinema and TV Amusement Park, Consultant for international groups and funds, Stefano Cigarini is also a member of the CDA of the historic Luneur Park in Rome and COO/Strategic Advisor of Regions Entertainment, a Russian conglomerate active in the outlet and amusement park sector with the Dream Island park in Moscow.
In recent months, the Farinettis sold 52% of Eataly to Andrea Bonomi's Investindustrial. At the helm is a highly experienced manager such as Andrea Cipolloni (ex Autogrill) as CEO and Nicola Farinetti as President. The goal is to "accelerate the global development of the Eataly group, aiming to achieve significant growth in turnover thanks to the new openings already planned, especially in North America, the creation of new formats, the growth of the e-commerce channel, and to development in Italy and in Europe”. FICO would not be included in the scope of the sale to Investindustrial. And in any case, the FICO management company is 50 percent owned by Coop Alleanza 3.0 and, for the remaining 50 percent, by Eataly Spa.
Among the names circulating for the future, one of the most accredited seems to be that of Piero Bagnasco CEO of Fontana Fredda and historic right-hand man of Oscar Farinetti. So a choice of the family to take the future fortunes of the Park directly in the least. The point, however, remains FICO's own perspective. In a recent interview with Distribuzione Moderna Stefano Cigarini reiterated that, in his opinion, "the problem with Fico is not a problem of results, but of expectations". An idea calibrated on ambitions and promises that could not be kept gave birth to an unfeasible industrial project.
According to Cigarini, Fico could therefore still find its correct economic balance in the space of two or three years. The shareholders, for their part, have strong doubts. Coop Alleanza is undergoing a reorganization and would like to leave FICO. Perhaps it would be necessary to enter the order of ideas that in Bologna the maximum possible is honest floating with considerable costs to be borne by investors, far from the initial premises and promises.
However, if the idea is still considered valid, it would be necessary to go beyond the constraints of turnout that Bologna determines. Perhaps it would be necessary to follow the example of the recent agreement between the Parma and Milan Fairs which aims to bring together good ideas and suitable places while respecting the reciprocal development potentials to "create greater synergies in Italy between all the players in our food system with trade fairs of even higher level and visibility that will strengthen the competitiveness of Made in Italy food abroad”, declared Paolo Mascarino, President of Federalimentare.
In this way, a development axis would be further relaunched capable of connecting the traditional agri-food Food Valley, which in Emilia maintains its raison d'être, with the potential offered by Milan which between now and 2025 will present its new face among the major projects involving the former Expo area, the new Ortomercato (Foody) which stands out as a pole of great importance for the agri-food sector and the former Alfa Romeo areas, today only partially occupied. Each of them could also represent an interesting outlet in support of the internationalization project of Eataly and of the entire system by relaunching a large theme park on national agro-food structured with a formula more suited to the purpose and in a place with greater potential of appeal and growth. Otherwise there will be no alternative to an inevitable closure.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/primo-piano/perche-fico-di-farinetti-non-e-mai-stata-una-ficata/ on Sun, 26 Mar 2023 05:25:19 +0000.