Signs of concentrated wealth, part 326

Eric Garland Retail Trends Leave a Comment

Ever been to the Champs-Elysées in Paris? It’s really quite nice! There are a lot of luxury shops there too – Louis Vuitton, car companies, that kind of thing.

Just in case you were wondering what the tangible effects of wealth concentration really were, commercial rent on the Champs-Elysées, flooded with Chinese and Korean tourists looking for 10,000 euro handbags, is going up next year.

Rents are set to rise 38.5% for 2014 from a base of 13,255 euros per square meter. (Americans: that’s $1655 per square foot.)

Just last year they went up 30%.

The money isn’t shifting slowly to one group of people – it’s rushing toward them, and they are at pains to find ways to spend the money.

You wonder if France has any history with this sort of thing…

Louis Vuitton Champs Elysees