Nike picks new, larger premises for Champs-Elysées flagship store in Paris
Nike has picked the spot for its new flagship store on Paris' Champs-Elysées. Since 2003, the US sport brand was established at no. 67 on Paris' leading thoroughfare, but the store, a mere 1,000 m2, was beginning to be a bit of a tight fit. Especially now that Nike's main rival Adidas is going ahead with a 1,500 m2 renovation on the other side of the avenue, taking over the former Banana Republic shop and creating a megastore extending over nearly 4,000 m2.
Nike initially eyed the premises adjoining its current Champs-Elysées store, which were vacated by Tommy Hilfiger, but was pipped at the post for them by Citadium, the streetwear/youth culture department store owned by the Printemps group, which opened a 1,500 m2 flagship on three levels there in early July. But Nike didn't give up, and eventually seized the opportunity to set up shop at the former Toyota premises. On 8th October, the Japanese auto manufacturer's twin-level showroom closed down after a 19-year presence on the Champs-Elysées.
According to information released on 25th July by the local council retail planning commission, the [former Toyota] premises, extending over a total commercial area of 4,322 m2, are now split in a 3,434 m2 area given over to Nike, and another 888 m2 area as yet unassigned. The US sport brand, which will also feature at Citadium and at the future Foot Locker store on the Champs-Elysées, will therefore enjoy a landmark presence on the Parisian avenue.
According to real estate specialist Knight Frank, the prime rental value as of the fourth quarter 2017 on the Champs-Elysées is comprised between €15,000 and €20,000 per m2 per year.
The new flagship store, about which Nike has not disclosed any detail on the design and retail concept for the time being, allows the US brand to broaden its footprint in the French capital, after openings in recent years at La Défense (1,500 m2) and Les Halles (800 m2), emphasising how Paris is a firm fixture in Nike's 'key cities' global strategy.
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