GALERIES, H&M IN DEAL

PARIS — French retailer Galeries Lafayette said Tuesday that it has reached an agreement with Sweden’s fast-fashion chain Hennes & Mauritz to lease store locations in 10 of the 18 stores that Galeries will acquire from troubled British retailer Marks & Spencer.
H&M will occupy three former M&S units and share space in seven other locations that will include Galeries Lafayette concerns, such as the Monoprix supermarket chain.
Galeries plans to expand its department-store franchise in Paris into M&S’s Boulevard Haussmann store and transform the Rue de Rivoli unit into a Monoprix supermarket. The other M&S units will be divvied up among other Galeries Lafayette concerns, including BHV department stores. Meanwhile, one store each will be leased out to create a Virgin Megastore record and bookseller, a C&A women’s fashion store, and a Surcouf electronics store. Fnac, owned by Pinault-Prin temps-Redoute, will occupy part of a former M&S location in Nice.
In March, M&S said it would close all of its stores in continental Europe, as part of a massive restructuring. Galeries Lafayette’s plans to acquire the stores and lease them to other retailers is structured so that most of the 1,500 former M&S workers will be offered jobs.