LThe Galeries Lafayette group has definitely been sold city hall bazaar (BHV) from Paris to a small real estate company of Lyon origin, Société des grands stores (SGM), with which negotiations have been ongoing since February, according to a statement published on Friday. The Galeries Lafayette group announced that it had “completed the sale BHV Marais Group to SGM,” after it “received approval from the relevant regulatory authorities,” in a press release on Friday. “The Parly 2 store is also affected by this operation,” said the salesperson. This is a BHV store located in the Westfield Parly mall. 2 in Yvelines, near Versailles.
Financial terms of the deal were not disclosed. BHV has been in difficulties for years, which have recently, according to the store’s management, been further aggravated by the traffic difficulties in rue de Rivoli, where BHV is located. The department store has also been hit hard by the Covid-19 epidemic, reducing the flow of tourists and workers in the center of the capital.
Save the “DNA and values of BHV”
The buyer, SGM, is a commercial real estate company founded by Frédéric and Maryline Merlin, a brother and sister in their thirties. At the end of 2021, they already bought seven regional stores from Galeries Lafayette, in Angers, Dijon, Grenoble, Le Mans, Limoges, Orléans and Reims. SGM, which specializes in redeveloping decaying inner-city commercial properties, also manages around ten inner-city shopping centers in France, in Roubaix, Tourcoing and Châlons-en-Champagne. , in Lille, in Nîmes, in Saint-Nazaire, in Kremlin-Bicêtre, in Mulhouse and in Montigny-le-Bretonneux.
“After being owned for thirty years, the Galeries Lafayette group is confident that the SGM group will be the most committed and innovative player who, with the help of its teams, will continue to develop the potential of these two department stores,” he says in his press release. Also quoted, Frédéric Merlin indicates that he wants to “work in depth with all employees to continue the growth of this prestigious store, as well as that of Parly 2, while preserving the DNA and values of BHV”.