French Grande Dame department store Galeries Lafayette at the Boulevard Haussmann is a fashion institution. The ten-story building crowned with a magnificent glass and iron dome can be spotted from miles away and is almost as famous for its sheer architectural beauty. The famed department store has announced its plans to enter into “exclusive negotiations” for taking over the lease of the former Virgin Megastore, located at 52 avenue des Champs-Elysees. The Virgin Megastore was shut last year after it was declared insolvent.
Galeries Lafayette is expected to sign the lease before the end of the year. “This iconic building – previously under the Virgin Megastore – is destined to become a new flagship store Galeries Lafayette” alongside the flagship store on Boulevard Haussmann, the company said in a statement.
The 9,000 square meter store is one of the biggest retail spaces on the Champs-Elysees and welcomes around 25 million visitors each year.
[Via – Luxury-Daily]