Prague, 4 February 2015 – The doors of the first Czech branch of COS boutique will open on Friday. The premium brand of the Sweden-based Hennes & Mauritz chain is opening a boutique at Parizska 23 in a three-storey retail facility with a floor area of almost 600 square metres. Cushman & Wakefield was involved in the transaction.
“Prague is an enchanting and diverse city and we feel that Parizska Street is an ideal setting for the first COS store. Launching in the Czech Republic is an exciting step for the brand,” says Marie Honda, Managing Director for COS.
Parizska is a very attractive location for retailers, which is why rents have been growing steadily for a long time. Although the street is currently fully occupied, occupier relocations are common, motivated primarily by the need to secure a greater floor area.
“The tenant mix can change. Last year, Louis Vuitton relocated within Parizska Street in pursuit of larger premises. The company rented 900 square metres. New brands which have come to Parizska recently include Tory Burch and Brioni,” says Jan Kotrbáček, Head of Cushman & Wakefield’s Retail Agency Team who participated in the Brioni relocation. “We also expect Rolls Royce to open their showroom in Parizska this year.”
The typical customers are changing too. Parizska ceased to be the shopping address reserved exclusively for foreigners a long time ago. The importance of Czech customers to retailers is growing. The owners and executives of successful Czech companies are forming another group that boutiques must inevitably target these days. International customers, however, still account for the majority of shoppers. Russians used to prevail for a long time but their activity decreased last year. Since the launch of regular direct flights between Prague and Beijing last September we have been observing the prevalence of Chinese customers.