Real estate firm Redevco bought a store location, including stores like Tiffany & Co and Glasshütte, in the Rue de la Paix in Paris from Savills Investment Management. Neither party wished to disclose the fee for the acquisition.
Near Place Vendôme
The 740 sqm building is just several hundred meters from the Place Vendôme, with several famous restaurants and hotels neary (including Le Ritz, Lemeurice and Le Carré des Feuillants). The area is a hotspot for the more affluent tourist.
"We see retailer demand for luxury retail locations increasing rapidly as the luxury sector is one of the main drivers of the Paris retail market. With little suitable property available in the core high-end retail areas in the city, like Avenue des Champs Elysées, Rue Saint-Honoré and Place Vendôme, neighbouring streets benefit from this dynamic and become progressively popular with new luxury retailers", Redevco CEO, Andrew Vaughan, said.