Crisis, future… In Paris, how is the Haussmann store at Galeries Lafayette doing before the holidays?

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A centuries-old institution. Launched at the end of the 19th century, the famous store of Galeries Lafayettelocated on Boulevard Haussmann, in the 9th arrondissement of Paris, is celebrating its 130th anniversary in 2024. The opportunity to show off your most beautiful clothes as part of the opening of the Christmas lights. On the economic front, the chairman of the management board, Nicolas Houzé, was responsible for providing an overview of the group's situation, in difficulty in recent years.

Returning growth

In an interview given to La Tribune Sunday and published this Sunday, November 24, 2024, the boss of Galeries Lafayette notably mentioned the Haussmann store. The latter, the “flagship” of department stores, experienced growth of « 3 % » in 2023, for a turnover of “1.9 billion euros”. This represents more than half of the group's total turnover, estimated at “3.65 billion euros”, according to Nicolas Houzé.

The growth observed in 2023 contrasts with the results of previous years. Directly affected by Yellow Vest movementin 2018 and 2019, then hit by the Covid-19 pandemic, in 2020 and 2021, the Parisian store welcomed fewer tourists. This was particularly the case for Chinese visitors, who represented “a third of customers”, before the health crisis, explains the CEO of Galeries Lafayette. “The Asian clientele has returned,” he assured the weekly.

To attract consumers,important works were undertaken. The “Art Deco” dome, designed in 1912, has been renovated. This is one of the group's major investments, which injected 100 million euros for the Parisian space, or a quarter of the “400 million euros in five years”, explained Nicolas Houzé.

Ce budget sera renewed for the next five years. The Haussmannian lair should see substantial new projects. In the meantime, a 25 meter high tree has been installed for the end of year celebrations.

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