Luxury retail brands want to own the space they are renting on the most expensive streets in the world, rather than lease, according to The Wall Street Journal.
The article cited the new shift is due to the rental rates for exclusive locations such as the Champs-Elysees in Paris, which have surged in the past 10 years. As rental rates start to moderate, landlords seem more open to selling.
In 2016, a joint venture between Oxford Properties Group and RLG Real Estate Partners acquired 48–50 New Bond St. in London from clients of Aberdeen Asset Management for £198 million ($257 million). RLG Real Estate Partners is the real estate arm for Richemont, the parent company for Cartier. To date, the parent company currently has several assets on Bond Street. The Wall Street Journal reported that one-quarter of the stores on the London street are owned by luxury r
