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News Release

Prague

Luxury retail in Prague is booming – shops in Pařížská Street are expanding 

Pařížská Street in Prague, the most expensive location to find luxury brands in Central and Eastern Europe, has been widening its offer


Prague, 13 June 2012 – Pařížská street in Prague, the most expensive luxury shopping street in Central and South-eastern Europe, has been enlarging its offer of mono-brand as well as multi-brand shops. Despite the economic situation, the brands of luxury fashion, accessories, jewellery and watches have been renovating/and enlarging their premises in Pařížská or even entering the Prague/CEE luxury market. ”Luxury brands, repeatedly reporting record sales and double-digit annual growth, have been capitalising on consumers´ flight to high quality, longevity and timeless value during the crisis. In the last few years the retail market has evolved extremely and in particular have observed a steady development of the luxury market with a number of luxury labels having entered the Czech market,” says Beatrice Mouton, Head of Retail Agency at Jones Lang LaSalle CEE, adding: “Pařížská Street with its elegant historical buildings provides the perfect environment for luxury brands to show case their products. Although it is away from the main tourist flow, its proximity to the Jewish quarter places Pařížská on the tourist route. Both the local and foreign clientele appreciate and favour Pařížská´s discreet and elegant surroundings to shop for luxury labels. The dynamic change that Prague´s luxury retail street has been undergoing is attaining a more prestigious position with the refurbishments and enlargements of existing retail units as well as new shops being opened. This demonstrates an increased demand in luxury goods in the Czech capital.”   

             
Brands that have recently opened their stores on Pařížská or in its close vicinity include:
• Fendi (fashion), Dolce & Gabbana (fashion), Bvlgari (jewellery), Tiffany (jewellery), Rolex (watches), La Perla (fashion), Cvstos (watches). 

Brands refurbishing/and enlarging their units:
• Dior (fashion), Burberry (fashion), Salvatore Ferragamo (shoes and accessories).

Brands that are due to open their shops in Pařížská or its close vicinity in 2013: 
• Azra (watches and jewellery), Omega (watches), Armani Junior (fashion) and Loro Piana (fashion).      

The physical limits of Pařížská is steadily driving new demand to open outlets in adjacent streets – in Old Town Square (currently Cartier and Girard-Perregaux, recently Azra and Omega), in Kostečná Street (currently Agent Provocateur, recently Cvstos) and Široká Street (for example Baldinini and La Perla). “The most sought-after units are at the beginning of Pařížská (close to Old Town Square) and/or in the flagship stores of renowned luxury brands. The rent for a 100 m2 retail unit in Pařížská Street varies from 125 to 140 EUR/m2/month,“ adds Filip Kolmer, Senior Consultant in the Retail Agency at Jones Lang LaSalle Prague.                 

The Prague fashion district, where Czech fashion designers such as Klára Nademlýnská, Tatiana Kovaříková, Beata Rajská and Timoure Et Group have their boutiques, offering a small series of pret-a-porter and tailored fashion design, has been established in the close vicinity of Pařížská street, namely in the streets Dlouhá, Dušní and V Kolkovně.  

“Prague, with both Na Příkopě as a high street and Pařížská street being home to luxury brands, is an absolute exception in the post-communist countries in Central Europe. In nearly all CEE and SEE capitals, shopping centres dominate the retail market in the city centres. Budapest is one other city with a developed high street with Váci Street, with its midmarket brands, and Andrássy Street, home to luxury labels,“ says Beatrice Mouton from Jones Lang LaSalle and continues: „Prague High street (Na Příkopě/Wenceslas Square) downtown and its luxury streets (Pařížská/Široká) remain high on retailers agendas for flagship stores that offer them the required exposure. We anticipate the demand for the city centre and Pařížská/Široká Streets to remain strong, as the examples of Tiffany, Bvlgari and Rolex show.“​