A year late, of course, because the pandemic was involved. And with a plan for the use of spaces updated, of course, to contain the contagion measures. But, the most important thing is that Le Samaritaine can now open: on June 19, LVMH group can finally crown the huge investment (750 million) in the Parisian mall. This from France, is not the only news on investments and openings: after the coronavirus earthquake, physical retail (finally) turn on its engines.
Le Samaritaine can now open
LVMH manages Le Samaritaine through its subsidiary DFS. According to MFF’s summaries, the French luxury group has invested 750 million euros in 15 years to modernise the 70,000 square meters of the department store. On June 19, therefore, Le Samaritaine (photo by LVMH) can reopen to the public after the closure imposed for security reasons in 2005. The shopping centre will host 600 brands (including 40 from LVMH itself) and is preparing for 700 hires.
Of course, the absolute numbers are lower, but the news regarding Coin in Florence are certainly significant. The Italian retailer won the auction for Palazzo delle Logge del Grano in early May. Namely the former Capitol cinema, in the city centre: the building is owned by the Chamber of Commerce of the Tuscan capital, which has tried unsuccessfully to sell it and is now renting it. Coin will move its business here since the beginning of 2022, with an annual rent of 1.2 million per year, with a 7-year contract.
The comforting signs don’t end there. While the news from Japan rebounds that in April consumption, with particular luck for fashion, experienced a rebound of +12% on an annual basis, Mango allocates 10 million euros for the renovation of 42 stores in Europe. The goal of the Spanish fast fashion group is to improve the consumer experience in light of the new ways of consumption that have arisen during the pandemic. The most important investment (1.8 million euros) is for the flagship store in Barcelona.