Luxury brands like Omega, Louis Vuitton or Hermès are shaking up the commercial real estate market in Luxembourg City with more openings anticipated.
There is a market for luxury goods in Luxembourg and customers can be seen queuing outside high-end stores as coronavirus measures set limits on the number of customers in shops.
Watchmaker Omega only a few days ago opened a flagship store at the corner of Rue Philippe II and the Grand-Rue, a first in the Benelux for the Swiss brand, which has only 12 points of sale of this type in the world.
Also on Rue Philippe II, the Hermès boutique is currently undergoing a makeover, confirming it will stay in the capital, while a few meters away, Louis Vuitton last November upgraded its space by moving to the old Bonn Frères furniture store.
Our sister publication Paperjam reports that the Zara brand will close its city centre store after failing to resolve a dispute over rent.
Spanish ready-to-wear clothing brand Zara currently has four stores in the grand duchy but will focus its retail strategy in Luxembourg to its three shopping mall outlets--in Auchan Kirchberg, the Belle Étoile and the Cloche d'Or--as of 30 June 2021.
Zara is part of the Inditex fashion retail group, which also has Pull & Bear, Massimo Dutti, Bershka, Stradivarius, Oysho and Zara Home in its stable of brands that are represented in Luxembourg. Most of them have retail units in the Cloche d'Or shopping centre, although Massimo Dutti also has a shop on the Grand Rue, but Pull & Bear exited the city centre in October.