France’s luxury retail market: all-time record number of signatures in 2022

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The luxury retail market in France is in good shape, according to the latest report from US commercial real estate consultancy Cushman & Wakefield. An all-time record number of signings was recorded in France in 2022, a trend that is set to continue in 2023, particularly in view of the approach of the Paris Olympic Games.

 

According to the annual review by commercial real estate consultancy Cushman & Wakefield, the luxury retail market in Paris enjoyed a very favorable 2022.

 

Overall, despite health restrictions in China, the world’s leading luxury companies outperformed in 2022, often recording double-digit sales growth thanks to the appeal of their brands and the acceleration of their digital strategies. This growth is also due to the opening up of the luxury customer base to younger generations and the middle classes, going hand in hand with the emergence of new target territories, particularly in Asia.

 

This dynamic has benefited the global and European markets, and in particular the French market, which has been able to thrive thanks to its own identity and the upturn in tourist activity in the capital.

 

Record number of signatures

 

The year thus ended in Paris with an all-time record of 53 leasing contracts signed (+152% on 2021) and 36 store openings (+57%), mainly concentrated in the Golden Triangle and Saint-Honoré/Faubourg Saint-Honoré districts. Creations, renovations and extensions account for three quarters of the year’s transactions, reinforcing the importance of the association between “address” and “signature” in the appeal of leading luxury brands. This upturn, which began in 2021 and was confirmed in 2022, is set to continue in 2023, with numerous openings planned, particularly in view of the Olympic Games. More than 40 openings are already scheduled for 2023.

 

Investing in luxury real estate

 

In addition to rental activity, a number of luxury groups are also active in the property sales market. This trend, observed over the past few years, is growing thanks to the desire of the sector’s major players to consolidate their presence in the market by securing control of their assets, be they production, administration or distribution premises. In recent months, luxury brands have invested several billion euros to acquire properties on the capital’s most emblematic thoroughfares, such as Avenue Montaigne, the Champs-Élysées and Rue Saint-Honoré, where rental activity was already buoyant.

 

“In an investment market in search of benchmarks, these sales could segment assets and their pricing according to the interest they represent for these luxury players. These ‘totem’ buildings owned by these major groups could influence the surrounding rental market”, says Vincent Ascher, Director of Luxury Goods at Cushman & Wakefield.

 

 

Read also >Luxury real estate: still buoyant in 2023

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The luxury retail market in France is in good shape, according to the latest report from US commercial real estate consultancy Cushman & Wakefield. An all-time record number of signings was recorded in France in 2022, a trend that is set to continue in 2023, particularly in view of the approach of the Paris Olympic Games.

 

According to the annual review by commercial real estate consultancy Cushman & Wakefield, the luxury retail market in Paris enjoyed a very favorable 2022.

 

Overall, despite health restrictions in China, the world’s leading luxury companies outperformed in 2022, often recording double-digit sales growth thanks to the appeal of their brands and the acceleration of their digital strategies. This growth is also due to the opening up of the luxury customer base to younger generations and the middle classes, going hand in hand with the emergence of new target territories, particularly in Asia.

 

This dynamic has benefited the global and European markets, and in particular the French market, which has been able to thrive thanks to its own identity and the upturn in tourist activity in the capital.

 

Record number of signatures

 

The year thus ended in Paris with an all-time record of 53 leasing contracts signed (+152% on 2021) and 36 store openings (+57%), mainly concentrated in the Golden Triangle and Saint-Honoré/Faubourg Saint-Honoré districts. Creations, renovations and extensions account for three quarters of the year’s transactions, reinforcing the importance of the association between “address” and “signature” in the appeal of leading luxury brands. This upturn, which began in 2021 and was confirmed in 2022, is set to continue in 2023, with numerous openings planned, particularly in view of the Olympic Games. More than 40 openings are already scheduled for 2023.

 

Investing in luxury real estate

 

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The luxury retail market in France is in good shape, according to the latest report from US commercial real estate consultancy Cushman & Wakefield. An all-time record number of signings was recorded in France in 2022, a trend that is set to continue in 2023, particularly in view of the approach of the Paris Olympic Games.

 

According to the annual review by commercial real estate consultancy Cushman & Wakefield, the luxury retail market in Paris enjoyed a very favorable 2022.

 

Overall, despite health restrictions in China, the world’s leading luxury companies outperformed in 2022, often recording double-digit sales growth thanks to the appeal of their brands and the acceleration of their digital strategies. This growth is also due to the opening up of the luxury customer base to younger generations and the middle classes, going hand in hand with the emergence of new target territories, particularly in Asia.

 

This dynamic has benefited the global and European markets, and in particular the French market, which has been able to thrive thanks to its own identity and the upturn in tourist activity in the capital.

 

Record number of signatures

 

The year thus ended in Paris with an all-time record of 53 leasing contracts signed (+152% on 2021) and 36 store openings (+57%), mainly concentrated in the Golden Triangle and Saint-Honoré/Faubourg Saint-Honoré districts. Creations, renovations and extensions account for three quarters of the year’s transactions, reinforcing the importance of the association between “address” and “signature” in the appeal of leading luxury brands. This upturn, which began in 2021 and was confirmed in 2022, is set to continue in 2023, with numerous openings planned, particularly in view of the Olympic Games. More than 40 openings are already scheduled for 2023.

 

Investing in luxury real estate

 

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Thanks to its extensive knowledge of these sectors, the Luxus + editorial team deciphers for its readers the main economic and technological stakes in fashion, watchmaking, jewelry, gastronomy, perfumes and cosmetics, hotels, and prestigious real estate.

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