A lack of highstreet retail space has pushed rents up to €190/sqm/month for a 100 sqm unit, writes JLL in its report, High Street Retail in Prague 2016/2017. Prague is the most attractive CEE destination for international retailers, and next to Moscow and Vienna it is the only location that luxury brands take into account when considering entering the region. As the ninth wealthiest region in the EU it has strong domestic demand, with average purchasing power of €9,600 per capita. High numbers of tourists are another key for luxury sales: 292,000 Russians, 197,000 Chinese and 180,000 South Korean tourists visited Prague last year, according to the data from the Czech Statistic Office.
Demand for space in Pařížská has outstripped the current level of supply to such an extent that up-market boutiques are now taking space on adjacent streets such as Široká, Kostečná and partly to Staroměstské náměstí. “There are 21 luxury brands out of 25 with a global coverage present in Prague. The latest newcomer is fashion brand BCBG Max Azria at Pařížská 24,” says Marjan Gigov, Senior Consultant in the Retail Agency at JLL Prague. He hinted that units at Pařížská 15 and 22 will soon be occupied as well.
