The saga of the BHV has just crossed a decisive milestone. This Wednesday, the Galeries Lafayette group announced that it has "finalized" the sale of the iconic department store on rue de Rivoli, in the 4th arrondissement of Paris. Without revealing the identity of the buyer, the group clarified that the sale has been concluded with the investor to whom exclusivity was granted last December.
According to a source close to the matter, it is likely the North American asset management firm Brookfield Asset Management. The transaction amount is estimated to be around 300 million euros, or about 6,000 euros per square meter, according to the specialized site CfNewsImmo. A major transaction for this iconic building in the Parisian commercial landscape, concluded after several weeks of rumors and negotiations.
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SGM remains in charge, Brookfield is here to support
Even if the ownership changes, the store continues to thrive. The Société des Grands Magasins (SGM), led by Frédéric Merlin and the owner of the business for the past two years, will continue to operate and develop BHV. A...Strategic continuity confirmed by Galeries Lafayette in their statement.
In an email sent to employees on Tuesday evening, the general director of BHV, Karl-Stéphane Cottendin, expressed his excitement about this new partnership, stating that the arrival of Brookfield would enable a significant "rehabilitation." He even promises "one of the most iconic commercial projects in Paris" in the years to come. This ambition stands in contrast to recent uncertainties, particularly after the negotiation abandonment by the Bank of Territories last autumn.
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Between hope and concern among employees
On the ground, the announcement of the sale is met with caution. At the store opening, some employees were still unaware of the transfer of ownership, learning the news through the press. This situation fuels a sense of weariness and a mood that is increasingly seen as gloomy, in a context marked by the departure of many brands.
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On the shelves, concerns about the future are very much alive, particularly among long-term employees who are questioning the stability of their positions and the direction the store has taken over the past two years. While some fear they won't be able to envision their future in the medium term, others still hope that this change in ownership will finally allow for the necessary transformation.
Amidst promises of revitalization and social uncertainties, BHV is preparing to embark on a new phase in its history. The question remains whether this restructuring will be able to reassure the teams, boost the commercial appeal of the place, and preserve the identity of this iconic department store in the heart of Paris.