8 June 2020
The Weekly

Galeries Lafayette's new outlet on the Champs Elysees is struggling because people are staying away from the famous Paris boulevard due to COVID-19. The crisis could hit the group to the tune of €1bn. Since the reopening of its stores, traffic is down by about 20% compared to normal times and opening hours have been shortened for now. The family-owned company, which has 61 stores in France and abroad, is in talks with banks and the finance ministry about a €300mn-state-guaranteed loan. Major brands on the Champs Elysees, including the Apple store, had not yet reopened and many hotels and cinemas remain closed.