Paris’ Champs-Elysées transformation continues, partly in preparation for the 2024 Olympics that will take place in the city.
Stretching for more than a mile between the Place de la Concorde and the Place Charles de Gaulle – better known as the Place de l’Etoile, the iconic Champs is famous for its shops, movie theaters, and cafés.
But the famed boulevard and its glitzy retail stores are changing. We take a look.
An avenue in disarray – temporarily
The Champs-Élysées is often called ‘the world’s most beautiful avenue’. But maybe not at this moment…
As we head nearer to the Paris Olympics 2024 it’s in disarray – if only temporarily. That’s because over a dozen construction sites are changing and improving the avenue ahead of the big event.
But none of this is keeping people away. As tourists return with a stronger dollar post-pandemic, the Champs-Élysées is more popular than ever. Some 880,000 pedestrians are now pounding the pavement every month. Even more will be there in these weeks before Christmas.
As you might expect, the growing popularity is impacting the rental prices for businesses and residential real estate. In fact, prices are soaring.
A new and improved Champs-Élysées
Beginning last September, construction workers started breaking up the sidewalks along the Champs-Élysées.
The old paving stones are being replaced with new ones, brought in from Brittany. It’s the same Lanhélin granite used in London for the famous ‘Gherkin’ building.
At the same time, a huge team of gardeners is overhauling the green spaces at the bottom of the avenue.
All this work is part of the first phase of remodeling, set to take 14 months and costing €30 million. Work will then pause for the Olympic Games, recommencing afterward for the final stage of the project.
The changing look and purpose of the avenue follow a high-profile study conducted from 2018 to 2020. Called History and Perspectives, it includes research from 50 historians, scientists, engineers, and artists looking at the past of the Champs-Élysées, and proposing how it can evolve for the future.
Paris’ Champs-Élysées transformation and real estate
It’s not just the garden landscaping that’s changing. The retail landscape of the famous street is also evolving, with ‘a new store opening every week’ according to reports.
And behind the scaffolding and construction, it’s the luxury outlets that are making moves.
Lacoste, the classic sportswear brand, has relocated into a new store at number 50 on the street. These huge 1,600 m² premises are their new flagship, and the biggest Lacoste store in the world.
Sandro, the Parisian brand with worldwide appeal, has also made its debut on the Champs-Élysées, at number 91. This new 300 m² store expands its network of 46 stores across the capital.
More new developments coming in 2023
Next year even more developments are on the horizon.
Spanish clothing brand Zara is moving their Champs-Élysées store to a new location at number 74. This is set to be another huge retail space – 3,000 m².
Saint Laurent, a luxury brand of the Kering group, is currently renovating number 123. This revitalized store will spread over four floors.
Also starting 2023, the Louis Vuitton store has a facelift on the cards, expanding to almost 3,000 m². While the store closes, a temporary outlet is opening on the sidewalk opposite at number 100.
While beauty brand Sephora, another subsidiary of LVMH, is also getting a facelift at some point in the year, and may have a temporary outlet on the Champs to maintain sales while the work is in progress.
Finally, the LVMH group is looking for a new address for iconic jewelry brand Tiffany, according to some reports. The New York jeweler, purchased by the group in 2021, currently operates a store at number 62. With many vacancies available on the avenue, it's not yet known which building the new Tiffany store will occupy.
Larger projects keep the euros coming in
There are many other high-profile changes on the horizon for the Champs-Élysées.
French insurance group Groupama recently sold the entire building at number 150 to Canadian investment fund, Cheval Paris. This sprawling complex has 18,000 m² of prime space, very close to the Arc de Triomphe.
Reports suggest the deal was close to 800 million euros, a spectacular 100% return for the insurance company – and they purchased the building just three years ago.
Then, at the bottom of the Champs at number 26, the Galerie Elysées shopping mall is having a 40-million-euro facelift, funded by the National Bank of Qatar.
After this, retail rents in the mall will reach record heights – 2,475€/m² per year for stores over 1,000 m². And 6,190€/m² a year for the smaller stores.
Real estate in the Golden Triangle
Paris’ Champs-Elysées transformation will certainly impact the price of neighboring real estate. Plus, there’s an uplift expected thanks to the Paris Olympic games taking place in 2024. Again, this is something we previously reported in this blog.
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Photo: PCA-Stream