PARIS — The Rue Saint-Honoré topped the list of hottest strips in the French capital for luxury shoppers in terms of store openings last year, accounting for nearly half of the city’s transactions, according to a report from Cushman & Wakefield.
The study paints a picture of a buzzing Paris luxury scene last year, with 51 store openings, up from 40 in 2018. The Avenue des Champs-Élysées, Place Vendome-Rue de la Paix, Avenue Montaigne and Rue du Faubourg Saint-Honoré were other top locations for the high-end market, according to the study.
Home to Chanel’s new sprawling flagship, as well as stores for high-end jewelers Buccellati, Graff and Pomellato, the Rue Saint-Honoré has seen its stature rise considerably over the years, as luxury groups jockey for attention from flows of deep-pocketed tourists from palace hotels nearby.
One of its most famous occupants, the concept store Colette, played a role in the neighborhood’s rise, drawing fashion-thirsty crowds for two decades before ceding its location to Saint Laurent.
The commercial real estate company is predicting more stable activity next year, with 60 percent fewer commitments signed in 2019, compared to the previous year.
Brexit will likely contribute to real estate business in France, redirecting high-end consumers to the country, while disrupted tourism from China casts a cloud of uncertainty, Cushman also said.