Luxury Italian car brand Ferrari has opened its latest store in Milan, featuring a new concept focused on lifestyle, experience, entertainment and shopping.

Located in Milan’s city centre, the aim of the new operation is to create the spirit of a memorable location within the brand’s store. The three-storey, 750sq m (8,000sq ft) experience store aims to cater not only to high-end shoppers, but also to fans of the brand.

Designed by architect Massimo Iosa Ghin of Iosa Ghini Associati, the space includes a series of interactive video walls, multi-sensory areas and – from around mid-April – four F1 simulators for visitors to experience the thrill of driving a Ferrari.

The experience store also offers a range of products including men’s, women’s and kid's apparel and accessories, the Pr1ma luxury men’s apparel line, gadgets, toys and memorabilia such as Ferrari car components.

The new style of store for Ferrari is part of the company’s strategy to expand and improve on its retail network. At present, the brand has 30 stores in 14 countries, 28 of which are operating under franchising agreements. The concept is now in stores in St Petersburg, Russia and Maranello, Italy, with plans for a fourth store to reopen in Rome this May with the new philosophy implemented. It is expected to eventually be rolled out across all stores.

Beyond its current redesigns and store openings, Ferrari is thought to next be looking at a revamp of its US stores in New York, Los Angeles and Miami.