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Business Business Profile The end of the Venetian Republic was a crippling blow to Venice’s economy and one which, to some extent, the city has never really recovered from. It is perhaps Venice’s greatest tragedy that the city that once lorded over much of the Mediterranean and virtually had a stranglehold on southern Europe’s maritime economy, is now such a sad parody of its former self – a tourist theme park that relies on the hard currency of the very visitors who can make it unbearable at the height of summer. Put simply, Venice would die without its 15 million annual tourists, who literally keep the city afloat with their money providing over 70% of the city’s income and over 50% of local jobs. Shopkeepers, hoteliers and restaurateurs all depend on tourism to survive. Sadly, though, this over-reliance on tourism, coupled with the high cost of buying and maintaining property, is driving away young people, who are needed to stimulate alternative growth away from the city. In recent years, there have been mutterings about trying to limit the number of visitors, especially day trippers who contribute little to the city in economic terms. But any decrease in tourist revenue could send the city’s unemployment levels, which are currently around 8.5%, to rise into line with the national average of 10% or above. While tourism reigns supreme in Venice itself, the ‘real’ industries have already moved out to Mestre and Porto Marghera on the mainland. The main economic activity in these heavily industrialised areas is chemical, petrochemical, engineering, textiles and – in one throwback to the halcyon days of the Venetian Republic – shipbuilding. One of the few positive spin offs of tourism is that the traditional industries of glass blowing on the lagoon island of Murano and of lace making on the nearby island of Burano are kept alive. There are few major international companies based in Venice. Big hotel groups, such as Sheraton and Best Western, have a strong presence in the city, as do fast-food outlets, such as MacDonalds and Pizza Hut. There are no major financial institutions, banks or the like, as there is no real point for major players to be based in Venice. The Commitato Venezia Vuole Vivere, Via Brunacci (tel: (041) 549 9111; fax: (041) 935 952), is able to assist with setting up both businesses and business contacts. Venezia Fiere, Campo San Polo (tel: (041) 714 066; fax: (041) 713 151; website: www.veneziafiere.it), provides information on all conference and trade fairs held in the Veneto Region and can also aid those thinking of setting up an event. Lexicon, Viale Garibaldi 7 (tel: (041) 534 8005; fax: (041) 534 9720) offers a wide range of translation services. Business Etiquette Venice is not a young city – few young people are able to afford the sky-high rents and cost of constant renovations, which have forced many citizens over the lagoon to Mestre. Despite its significant student population, the average age of the Venetian citizen is 46 and business accordingly is a somewhat conservative affair. Meetings are usually held over lunch and are a relatively formal affair. Any evening meeting is even more likely to be formal and will include alcohol and local specialities. Those looking to impress are advised to take clients to one of the top hotels for dinner, such as the Cipriani or the Gritti. Business visitors are unlikely to be entertained at home or given a tour of the city’s nightlife – Venetians are domestic creatures who rise early to cross town while the city is still free of tourists and close their shutters around 2100. An island people, they can appear reserved and somewhat aloof. However, Venetians are also extremely proud of their unique little city and visitors may be richly rewarded with an elegant lunch in one of the city’s top restaurants or an aperitif and some of Venice’s famous cichetti (snacks). Formality should be maintained for business matters – Italian associates should always be addressed as Lei (the polite form of tu), unless informed to do otherwise. Dress is conservative – a suit or blazer and tie – and punctuality is respected. Although many executives will speak English, it is advisable to conduct business in Italian, if possible – Italians always appreciate a visitor who attempts to speak their language, however poorly. Normal business hours are 0900-1700, although much of the city (tourism aside) closes down in August, for the annual Italian summer holidays. |
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