Luxury brands seek new retail storefronts in a bet that shoppers prefer in-store experiences.
The Journal reported Kering, which owns Gucci and Saint Laurent, spent $1.4 billion on a building in Milan.
E-commerce surged during the pandemic, but luxury brands thrive in hands-on environments.
AdvertisementWhile vacancies in retail real estate have surged since the pandemic, luxury brands from Gucci to Chanel are betting big bucks that their in-store experience will draw in shoppers for the long haul.
Kering, which owns Gucci and Saint Laurent, recently spent $1.4 billion on a building in Milan's Via Montenapoleone, The Wall Street Journal reported.
Persons:
Gucci, Saint Laurent, —, Chanel
Organizations:
Service, Gucci, Street Journal, New, Business
Locations:
Milan, Milan's