The Galeries Lafayette group has announced its plan to reduce its portfolio of department stores by selling BHV Marais and the BHV located at Parly2. The buyer, Société des grands magasins (SGM), has previously acquired seven Galeries Lafayette stores in 2021. The sale is expected to be finalized in 2023, pending consultations with staff and approval from the French Competition Authority.
BHV Marais, a well-known retail outlet in Paris, has been owned by the Galeries Lafayette group since 1991. Over the years, it has undergone renovations and shifted its focus from fashion to home and decoration. However, to concentrate efforts and investments on its flagship brand, Galeries Lafayette has decided to sell BHV Marais.
SGM, founded in 2018, specializes in revitalizing city center retail assets and already has a number of Galeries Lafayette stores in its portfolio. The acquisition of BHV presents a unique opportunity for SGM. If the sale is successful, SGM intends to make significant investments to enhance the sites and provide a modern and innovative retail experience to the people of Paris.
BHV consists of several buildings in the Marais district of Paris, occupying approximately 38,000 square meters of retail space on rue de Rivoli. The BHV Parly2 location underwent a renovation in 2017, with a total investment of 24 million euros. BHV also operates an online shop window that was launched in 2018.
In the past, the BHV network had a larger presence across France, with around 30 stores. However, a number of these locations closed in the 1990s and 2000s. With the sale of BHV Marais and BHV Parly2, SGM will be left with the remaining two Parisian locations.
Overall, this sale allows the Galeries Lafayette group to focus on its core brand, while giving SGM the opportunity to revitalize and modernize these iconic retail sites in Paris.
Useful links:
– Galeries Lafayette official website
– BHV official website
