Urban Outfitters acquires Philly’s Vetri Family group of restaurants
The deal between the two Philadelphia-based businesses is reportedly expected to be completed by the end of the year.
Urban Outfitters announced on Monday that it’s acquiring The Vetri Family group of restaurants, includingPizzeria Vetri.
“Having known Marc for almost a decade and partnered with him through his charitable foundation, we are honored to have him, Jeff and the Vetri family join the URBN team,” said Richard A. Hayne, CEO of Urban Outfitters, Inc in a statement. “Spending on casual dining is expanding rapidly, and thus, we believe there is tremendous opportunity to expand the Pizzeria Vetri concept.”
The deal between the two Philadelphia-based businesses is expected to be completed by the end of the year and includes Osteria, Amis, Alla Spina, Lo Spiedo, according to Philly.com.
In an interview Marc Vetri said, "Nothing is changing. In meetings, everyone from Urban kept saying, ‘It’s more crucial than ever that you guys are at your restaurants,’ " Philly.com reported.
“It’s a perfect match,” Vetri said in a statement. “URBN and the Vetri Family share the same singular goal, we pride ourselves on bringing the best possible experience to our customers and community. Through this partnership, and the experience URBN has in scaling growth opportunities, the Vetri Family will now be able to focus on what we do best – run restaurants that make people happy.”
URBN chief development officer Dave Ziel told Philly.com that consumers are increasingly spending their money on food over retail.
“URBN will get a jump on the food game,” as part of the deal, Philly.com reported. “Integrating restaurants next to its clothing stores in so-called lifestyle centers.”
The retail company has already experimented mixing shopping and food, according to USA Today, with its three Urban Outfitters' Spaces locations in Brooklyn, Austin and Los Angeles, which “combine retail, dining, artists collaborations, music and events in one place.”