Cartier, LVMH look to stores outside Paris for Olympic retail boost
PARIS/MILAN - Luxury retailers in European cities outside France are jockeying for business from deep pocketed tourists this summer, betting on a surge in visitors avoiding crowds and street closures in Paris during the Olympic Games.
The executives of the Richemont-owned jewellery brands speak from experience. The 2012 Olympics, held in London, drove some serious shoppers to their boutiques in Paris, they said, although it was"neutral" overall for their businesses. Expecting a similar trend this year, they will focus on meeting their wealthy customers where they turn up.
A report commissioned by Paris 2024 last week flagged a possible"crowding out" effect whereby tourists that had planned to come to Paris go elsewhere, but said that it is hard to measure and to predict. London retailers, which have suffered from a drop in tourist traffic with the end of UK tax-free shopping, are hoping to capture business from Paris, with preparations well underway at iconic stores Harrods and Selfridges."Paris has already been taken off the Chinese tour guide lists for this summer," said Harrods' managing director Michael Ward, who is expecting a significant boost.
Some tourists, including from the United States, who do visit the Games, which will mostly be held in venues throughout the French capital, are planning to extend their trips to visit other European countries.
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