Galeries Lafayette to open on the Champs-Elysées?

Galeries Lafayette to open on the Champs-Elysées?

Shop talk

Groupe Galeries Lafayette has entered into exclusive negotiations to take over the lease of the former Virgin Megastore on Avenue des Champs-Élysées

Located at number 52 of the world-famous shopping street, Galeries Lafayette is said to be planning a flagship alongside its historic store on Boulevard Haussmann. The retailer expects to sign the lease for the 97,000-square-foot store before the end of the year. 

It is just the latest shake up since Nicolas Houzé took over as chief executive officer of Groupe Galeries Lafayette's department store division last year, launching a program he has dubbed "Ambitions 2020".

Groupe Galeries Lafayette has short-listed agencies including BETC Paris, Fred & Farid, Saturday Group, TBWA Paris and Sid Lee for the contract. A spokeswoman declined to comment on reports that its advertising budget totals up to $25 million a year.

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