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As shoppers deserted the famous Parisian avenue in the wake of the pandemic, the new Galeries Lafayette store was in turmoil. Nicolas Houzé, the brand’s managing director, said the crisis would hit the group to the tune of one billion euros.
The Champs-Élysées outlet, which accounts for about one-tenth of the Boulevard Haussmann flagship store, opened in March 2019 with the ambition to register as a retail laboratory and test new fashion brands and sales techniques.
It had already suffered from the “yellow jackets” movement last year, which agitated the avenue, causing riots and looting.
Since their reopening on May 11th, Galeries Lafayette Champs-Élysées has seen in-store traffic drop considerably. Nicolas Houzé reports a drop in traffic of about 20% compared to normal and a temporary shortening of opening hours.
“Traffic is very low and it is difficult to earn an income from it. But we are convinced that Galeries Lafayette has a place on the Champs Elysées”.
In addition, the Champs Elysées and Boulevard Haussmann generate a strong influx of foreign buyers. The closure of the borders significantly curtails the flow of the most coveted consumers on France’s shopping streets.
“International customers could be missing until the end of the year or beyond and this will weigh heavily as the Haussmann store derives more than half of its income from foreigners,” said the CEO.
He added that the group, which has 61 stores in France and abroad, is in talks with banks and the finance ministry about a possible state-guaranteed loan of €300 million.
Read also > FRANCE : GALERIES LAFAYETTE IN PARIS REOPEN ON SATURDAY
Featured photo : © Galeries Lafayette Champs-Élysées[/vc_column_text][/vc_column][/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]
As shoppers deserted the famous Parisian avenue in the wake of the pandemic, the new Galeries Lafayette store was in turmoil. Nicolas Houzé, the brand’s managing director, said the crisis would hit the group to the tune of one billion euros. […]
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As shoppers deserted the famous Parisian avenue in the wake of the pandemic, the new Galeries Lafayette store was in turmoil. Nicolas Houzé, the brand’s managing director, said the crisis would hit the group to the tune of one billion euros. […]
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[/vc_cta][vc_column_text]Featured photo : © Galeries Lafayette Champs-Élysées[/vc_column_text][/vc_column][/vc_row]
