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Shopping Centers Today -> December 2007
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RETAIL HELPS REINVENT FAMOUS PARIS LANDMARK
Once the province of small jazz clubs and bistros, the Champs-élysées, the grand boulevard that marches through Paris, has become a retail playground. International retailers such as Adidas, Gap and Zara have built flagships on the boulevard, and others are waiting in line; Esprit will soon take one of the coveted spots, planning to open a 15,000-square-foot (1,400 square meters) store next year. Much like the tenants on New York City’s Fifth Avenue and London’s New Bond Street, only international chains with fat wallets can afford the exorbitant rents, currently at €5,000 to €10,000 per square meter. Ten years ago, the Champs-élysées was the tenth most expensive retail strip in the world; now it is third.
Some locals complain that the influx of foreign retail is making Paris ‘less French’, despite the fact that many French department stores and flagships like Louis Vuitton and Cartier have a strong presence on the boulevard. “Local French people do not really go to Champs-élysées anymore, but the government is concerned with keeping a balance between fashion and leisure for the many tourists,” said Michel Choukroun, a retail analysis consultant and professor at the University of Paris.
In a report last year by Clipperton Development, a division of Paris-based Clipperton Finance, 102 of the 332 shops on the boulevard were only selling apparel. The report noted that the landmark thoroughfare risked becoming a “banal supermarket.” The city attempted to halt Swedish retailer H&M’s building of a 30,100-square-foot flagship there in 2006, but the ruling was overturned in August by the CNEC (Commission Nationale de l’équipe Commerciale).
“How could the Champs-élysées become less French?” said Christian Dubois, a Paris-based partner specializing in retail at Cushman & Wakefield Healey & Baker. “We have the Place de la Concorde on one end and the Arc de Triomphe on the other, we have successful French retailers, French car manufacturers and we have preserved the French architecture. You couldn’t be more French.” Dubois feels the longing for what the Champs-élysées once was is fruitless. “It’s not about looking back — we will take care of the architecture and preserve the soul of the avenue, and will be very much respectful, but nostalgia is nostalgia.”
What will the future of retail look like for the famed Parisian street? Choukroun says rents will increase steadily, but the high turnover will not decrease. Dubois believes stores will be more about showcasing a company’s brand than performance and profit. “Retail real estate has always been about the ratio of rent and turnover at a store,” he said. “But more important with these locations like the Champs-élysées will be the experience you have shopping, and the brand and image that are conveyed.”
NEW STORE ON THE BLOCK HAS INDEPENDENT STREAK
Le 66 stands out among the chain stores on the Champs-élysées — not only as a newcomer, but as one of the only independent boutiques on the street. The 12,900-square-foot (1,200 square meters) concept store, opened in September at 66 Champs-élysées, holds a collection of small French and international clothing labels for men and women, as well as a mixture of books and accessories in a modern space. The store is situated in a multiroom setting, and after entering a long corridor, customers move between the different spaces almost as if entering different stores. Prices generally range from €50 to €200 for clothing.
 | Current Issue December 2008 |