Rue de Rivoli: new hotspot of Paris

‘Rue de Rivoli is entering a new phase of inner-city growth and attractiveness,’ explains Thierry Fourez. ‘The spectacular renovation of the 150-year-old department store La Samaritaine is the crown jewel of this street’s transformation. This is accompanied by a new concept: it is not just a ‘temple of commerce’, but also a meeting place for people, brands and experiences. Together with several other exciting developments, Rue de Rivoli is now one of the new hotspots of Paris. In less than a year, footfall here has doubled to nearly 40,000 consumers on average per day.’

‘Founded in 1870 and acquired by the luxury Group LVMH in 2001, La Samaritaine was closed for many years. In 2021, its splendour is back,’ notes Thierry. ‘LVMH has brilliantly rescued forgotten frescoes and ornaments, restored the Eiffel-structure roof and given the building back its elegance, as well as combining its heritage with contemporary architecture. La Samaritaine is now a place of life and discovery. It is a distillation of what the French call ‘L’Art de Vivre’ (the ‘art of living’) in the heart of the city, in a neighbourhood undergoing a renaissance. Consumers are attracted by LVMH lines and labels, including Christian Dior, Fendi, Givenchy, Marc Jacobs, Kenzo, Celine, TAG Heuer and Bulgari. The façade along the Rue de Rivoli is encased in futuristic, undulating glass, designed by the Japanese architecture firm SANAA. You can feel the vibration.’

An exclusive place to be

‘Other new openings also raised the profile of this famous Parisian high street,’ Fourez continues, ‘including the luxury hotel Le Cheval Blanc, also operated by the LVMH Group. Le Cheval Blanc is a beautiful Art Deco building with exclusive suites on 10 floors. It is a plush cocoon and a bastion of quiet seclusion. At the top of the hotel is the two-storey “Quintessence Suite,” a 7,000-square-foot palace that comes with its own swimming pool. This attracts high-end visitors from around the world. It is an exclusive place to be. Other developments were the opening of an IKEA interior store focusing on design and decoration, and the opening of Uniqlo, a sought-after Japanese fashion retailer with high fashion shirts, jeans and casual wear.’

Tourism has started to return

‘The opening of a contemporary art museum nearby, and the redevelopment of the old antique markets, in front of the Louvre, by the Cartier Art Foundation – which will be opened soon – are also important highlights. La Samaritaine as the core of the new success of Rue de Rivoli, in combination with all-new developments, arts and culture, attracts not only local residents but also thousands of visitors from abroad. Now, even though COVID is still with us, tourism has started to return. In this new beating heart of Paris, we have two successful properties. Vastned owns the 118 Rue de Rivoli building, which is the home of JD Sports, as well as 102 Rue de Rivoli, which houses the US sportswear brand Skechers. We also have well-occupied offices above this store. We are in the right street with the right properties,’ concludes Thierry. ‘The latest registered monthly footfall was approximately 1.1 million, a record!’