The Czech Republic is the only country in Central and Eastern Europe to open Prime High Street

Prague is the only city in the CEE region (Central and Eastern Europe) that has a so-called Prime High Street, i.e. a shopping street exclusively represented by the world’s most prestigious brands. There is also Pask Street, which currently has 46 of a total of 48 retail units occupied. The number of premium brands for this location increased significantly after the end of the Covid pandemic. According to an expert from the Colliers company, a leading provider of diversified professional services in the field of commercial real estate and investment management, it is only a matter of time before a similar brand is created in Prague and the city’s reputation as a global game in the field of luxury retail will rise.

Hermes was at the meeting

After the fall of communism, a significant market opened up in the countries of the Eastern Bloc for Western symbols. Thanks to its convenient location and high tourist attractiveness, the Czech Republic became the first country where luxury brands decided to expand. The first brand represented in Prague was Versace in 1995. However, Hermes opened the first luxury boutique in Pask Street itself in 1997, followed a year later by Louis Vuitton. Today, you can visit a total of 26 boutiques dedicated to fashion and accessories, 7 perfumes, 6 luxury watches, 4 leather accessories and 2 luxury shoes in Pask Street, Prague. One store next to Nespresso, the only retailer on the street in the food and drink category.

After the Herms march, it took me less than 10 years for the street to become a luxury shopping destination with SMS and affiliate stores. Over the last decade, the street has only changed with the arrival of better brands and the replacement of multi-brand stores with five signs. On Pask 17, there is a multi-brand store that cares about brands such as Tom Ford, McQueen, Loewe, Givenchy, Balmain, Chloe, Jacquemus and Off-White, which will most likely be the store’s own brand soon. Pask street is becoming more and more popular for us and for the characters. The reconstruction of the Fairmont Hotel includes several new commercial spaces along Pask Street, Marjan Gigov from Colliers comments on the situation.

Cartier, Fendi, Hermes and Dior: The silliest echoes

According to the available data, Cartier was the only brand that recorded an increase in turnover in 2020, when borders were closed and sellers had to rely only on local orders, namely by about 2.4%. Fendi took second place, followed by Hermes and Dior. These data indicate that the first three characters are among the most popular among Czech women. On the contrary, the largest decrease in turnover in the same period was recorded by the brands Gucci (approx. 64% decrease), followed by the brands Louis Vuitton and Prada (approx. 46% decrease), which points to the dependence of these brands on tourists.

After the end of the pandemic, approximately 6 million tourists visited the Czech Republic in 2022, which represents a decrease of 26% compared to the period before covid-19. However, several brands managed to achieve an unusually good result in terms of turnover. Dior, for example, managed to increase its turnover from 2019 by 73% this year, while Hermes achieved a 41% increase in turnover, adds Marjan Gigov, saying that this positive trend has led to an increase in demand for Prague’s Prime High Street from other brands as well.

Who put in CEE doshne on Prime Hight Street?

At Colliers, we strive to make even the capitals of Central and Eastern Europe attractive destinations for luxury brands. As you can see on the crack of Pask Street, the creation of Prime High Street is a long way off, but because it represents a symbol of prestige that attracts attention and admiration from all over the world, the force has decided to pay off, explains Marjan Gigov, adding that he included Budape and Varava among the adepts. Budapest has created Prime High Street relatively close, it’s a beautiful city with tourists everywhere and Andrassy Boulevard is now home to several luxury brands such as Louis Vuitton, Jimmy Choo, Moncler and Gucci, plus space for more of them here Yippee. The weak economy and low purchasing power of the local population, however, created an environment of interest for luxury brand brands. Varava mk Prime High Street jet o krek bl. Many luxury brands are even represented here, but only thanks to the partner multi-brand store. But it is a relatively quick journey from them to your own signature boutique, especially when the situation is heated up by the increasingly strong buying power of local residents and the growing number of tourists.