The grand Monopoly of the Champs-Elysées

The boss of Tiffany impatient. Since 2016, the site of Galeries Lafayette, at number 52 on the avenue of the Champs-Elysees, to the place of the former Virgin Megastore, complicates the operating of the shop of the jeweler’s u.s. open in 2014 at number 62. Through the showcase, Alessandro Bogliolo, its CEO, highlights the huge wall of Algeco white and orange, which houses the barracks of the largest site on the avenue and clog up the view on its display cases of alliances and solitary. Tiffany will have to wait to retouch the light of Paris. This building of 28 000 m2, renovated at great expense by the sovereign wealth fund of Qatar, will open in October.

Like many other merchants of the Fields, Tiffany, hope that the banner of department stores the most well-known of tourists will bring him new customers. The only presence of Galeries Lafayette, could lead to a bond of 20 % of the traffic on the avenue, which sees yet already walking, each day, 300 000 people on its sidewalks. In turn, the turnover on the avenue, valued at 1.5 billion euros per year, could fly away “15 % to 20 %,” claims Thierry Bonniol, director of the department of commerce, BNP Paribas Real Estate.

By the way, the artery could regain market share with foreign customers more silvery. “For the past five years, the Champs-Elysées are further being challenged by the rue du Faubourg-Saint-Honoré,” says Laurent Delmas, managing director of Global Blue in Southern Europe. On the avenue, each tourist spends on average 1 391 euros in duty-free goods, compared to 2 750 euros on the street line where the parisian department stores of Gucci, Hermes and other Cartier, according to the data of this company specializing in the management of the tax rebate for purchases by foreign tourists. The creation of tourist zones international, in which the opening of shops is allowed on Sunday,…

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