Paris 2024: what benefits for the luxury sector? (Part 2)

Construction cones litter the streets. On both sides of Rue du Faubourg-Saint-Honoré in the 8th arrondissement of Paris, construction hoardings bristle with rebar. Trucks and utility vehicles encroach on sidewalks everywhere. This has become a daily scene this spring in the heart of Paris's luxury Golden Triangle, where the most prestigious brands have made their homes: Wempe, Longchamp, Fendi, Chaumet, Omega, Buccellati. Construction is so pervasive that one might pass by Chronopassion, Paris's most luxurious watch boutique at 271 Rue, without even noticing. Its owner, the well-known Laurent Picciotto, explains, "Most of our customers know us. They come here deliberately, and for now, we can't say that all of this is affecting our business."

Nevertheless, the iconic owner of Chronopassion decided long ago to close his shop for the entire summer, Olympics or not. He will shutter the store the day before the Paris Olympics' opening, reopening it in late August or early September. But for him, the worst doesn't lie in the fateful period of the games, which traditionally sees a lull in the French capital. "What worries me the most is July. Normally, we receive numerous clients from the United States, Asia, or the Middle East who spend a few days in Paris before heading to the coast or elsewhere in Europe. This year, they won't come. Several of them have already confirmed this to me. The hype for the games has been greatly exaggerated. Luxury hotels in the area are currently only booked at 40%."