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Galeries Lafayette is in the process of selling the BHV Marais to La Société des Grands Magasins. Apartments and stores adjacent to the department store and Eataly, the temple of Italian gastronomy in the heart of the capital, are also part of the negotiation perimeter.
Galeries Lafayette continues to sort out its real estate acquisitions to better focus on its department stores. The group is currently negotiating with SGM (Société des Grands Magasins), owned by the young thirty-year-old Frédéric Merlin and his sister Maryline, to buy the BHV Marais, among other things.
A life-size Monopoly
The real estate transaction includes the two BHV units, the one in the Marais located in the 1st district of Paris, and the one based in the Parly 2 shopping center. But that’s not all: a set of apartments located behind the Parisian department store, a few boutiques on rue de la Verrerie and rue des Archives as well as the temple of Italian gastronomy, Eataly, are also involved. Galeries Lafayette will however keep the operation of the concept store-restaurant. This game of Monopoly is thus causing an upheaval in the circle of Parisian department stores.
The SGM real estate company was created in 2018 by Frédéric Merlin and his sister Maryline with the objective of rehabilitating downtown commercial assets. Until now, SGM owned 300,000 square meters of retail space and small centers, located in several French cities such as Lille, Tourcoing or Saint Nazaire. It now also owns more than 80,000 square meters in the heart of Paris, a significant change in its real estate portfolio.
Until now, SGM owned 300,000 square meters of retail space and small centers in several French cities such as Lille, Tourcoing and Saint Nazaire. Last year, the real estate company decided to buy the premises and goodwill of seven Galeries Lafayette stores across France. After the buyout, it will own more than 80,000 square meters in the heart of Paris, a significant increase in its real estate portfolio.
A long period of crisis
With the yellow vests, the never-ending confinements and finally, the disappearance of the Chinese clientele, Galeries Lafayette went through a long period of crisis, which is now, hopefully, soon behind them. In addition, it must be said that the pedestrianization of the Rue de Rivoli, introduced by the Mayor of Paris, has not helped to recover. But the money from this sale should help to continue the renovation of the store on boulevard Haussmann.
This acquisition is also part of a continuing resizing of the Galeries Lafayette group. The group first sold Monoprix, then the consumer credit company Cofinoga and finally some thirty small stores in the provinces.
The two parties do not give, for the moment, the amount of this transaction. But, according to some real estate experts, the BHV lot has been valued at around 500 million euros.
Read also >Galeries Lafayette fully acquire La Redoute
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Galeries Lafayette is in the process of selling the BHV Marais to La Société des Grands Magasins. Apartments and stores adjacent to the department store and Eataly, the temple of Italian gastronomy in the heart of the capital, are also part of the negotiation perimeter.
Galeries Lafayette continues to sort out its real estate acquisitions to better focus on its department stores. The group is currently negotiating with SGM (Société des Grands Magasins), owned by the young thirty-year-old Frédéric Merlin and his sister Maryline, to buy the BHV Marais, among other things.
A life-size Monopoly
The real estate transaction includes the two BHV units, the one in the Marais located in the 1st district of Paris, and the one based in the Parly 2 shopping center. But that’s not all: a set of apartments located behind the Parisian department store, a few boutiques on rue de la Verrerie and rue des Archives as well as the temple of Italian gastronomy, Eataly, are also involved. Galeries Lafayette will however keep the operation of the concept store-restaurant. This game of Monopoly is thus causing an upheaval in the circle of Parisian department stores.
The SGM real estate company was created in 2018 by Frédéric Merlin and his sister Maryline with the objective of rehabilitating downtown commercial assets. Until now, SGM owned 300,000 square meters of retail space and small centers, located in several French cities such as Lille, Tourcoing or Saint Nazaire. It now also owns more than 80,000 square meters in the heart of Paris, a significant change in its real estate portfolio.
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Galeries Lafayette is in the process of selling the BHV Marais to La Société des Grands Magasins. Apartments and stores adjacent to the department store and Eataly, the temple of Italian gastronomy in the heart of the capital, are also part of the negotiation perimeter.
Galeries Lafayette continues to sort out its real estate acquisitions to better focus on its department stores. The group is currently negotiating with SGM (Société des Grands Magasins), owned by the young thirty-year-old Frédéric Merlin and his sister Maryline, to buy the BHV Marais, among other things.
A life-size Monopoly
The real estate transaction includes the two BHV units, the one in the Marais located in the 1st district of Paris, and the one based in the Parly 2 shopping center. But that’s not all: a set of apartments located behind the Parisian department store, a few boutiques on rue de la Verrerie and rue des Archives as well as the temple of Italian gastronomy, Eataly, are also involved. Galeries Lafayette will however keep the operation of the concept store-restaurant. This game of Monopoly is thus causing an upheaval in the circle of Parisian department stores.
The SGM real estate company was created in 2018 by Frédéric Merlin and his sister Maryline with the objective of rehabilitating downtown commercial assets. Until now, SGM owned 300,000 square meters of retail space and small centers, located in several French cities such as Lille, Tourcoing or Saint Nazaire. It now also owns more than 80,000 square meters in the heart of Paris, a significant change in its real estate portfolio.
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