“Our competitor is always the periphery.”
Since he embarked on the transformation of shopping malls and shopping centers in decline, Frédéric Merlin, thirty-year-old president of the Société des Grands Magasins, has been fighting to bring customers back to city centers.
The takeover last May of seven Galeries Lafayette in the provinces is no exception, even if this acquisition changed the scale of its very young real estate company.
In Angers, Dijon, Grenoble, Le Mans, Limoges, Orléans and Reims, the Société des Grands Magasins (SGM) is now the owner of the premises, and a franchise of Galeries Lafayette for their operation.
In 2021, the turnover of these Galleries reached 115 million euros, almost as much as the 22 Galeries Lafayette sold to Michel Ohayon's Financière immobilière bordelaise (FIB) in 2018 (150 million euros).
“I was convinced that the real estate operation was interesting because the locations are excellent,
remembers…
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