The news that French luxury brand Chanel is to open a store in London’s Covent Garden confirms that the transformation of the area is proving successful. The 1,437 square foot commercial property in the Market Building will open in time for the Olympics and will sell only perfume and cosmetics.
The two-storey shop is due to open later this month and is billed as a “fragrance and beauty concept” store which will also feature make over stations and a manicure salon. It is expected to remain open for six months initially but could stay for longer if the idea proves popular with London shoppers.
This is very likely given the buoyancy of the fragrance and beauty sector which is worth around £1.5 billion in the UK alone. Despite the recession it seems shoppers are still prepared to splash out on cosmetics, which explains the recent launch of Harvey Nichols Beauty Bazaar chain.
The Chanel launch is a further boost to the plans of landlord Capital and Counties (Capco) to attract more high-end retailers into Covent Garden. Chanel joins brands like Ralph Lauren, Oliver Sweeney and Burberry Brit who have all taken commercial properties in the area over the past two years.
Since acquiring the Covent Garden estate in 2006, Capco has sought to transform the area into a vibrant retail, leisure and residential district in line with its long history. Alongside luxury retailers, craft stalls and open air restaurants help to create a unique atmosphere that attracts 44 million visitors a year.
Capco currently owns over 50 buildings in the district amounting to a total of more than 800,000 square feet of commercial property space. In total the portfolio is valued at £808 million and provides a net rental income of £27.8 million.
Have you visited Covent Garden recently? Were you impressed with the transformation of the area and the unique shopping experience? Share your impressions with us below.
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