With stable sales projected for 2025, the French department store group aims to propel its flagship Haussmann location to the top of the global department store rankings. And it plans to invest 260 million euros by 2030 to renovate its entire portfolio of stores in France.
While Le Printemps is struggling, Galeries Lafayette is thriving…
The health reports of French department stores are at opposite ends of the spectrum.
While Le Printemps has just announced a restructuring plan, resulting in 229 layoffs and the closure of its Rennes location, Les Galeries Lafayette, for its part, is displaying optimism and determination: to make its Parisian flagship store on Boulevard Haussmann the “world’s leading department store.”
The latter is already “among the top three department stores in the world, neck and neck with Harrods and Isetan Tokyo, even if our competitors don’t all publish their figures,” noted Antoine Lemoine, who replaced his cousin Nicolas Houzé as CEO this summer, during a press conference on April 8.
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