Nike is heading to the landmark Avenue des Champs-Élysées, where the company will conceive its 21st-century European road map within view of the Arc de Triomphe and scant blocks from the city’s Adidas flagship.
The athletic behemoth has confirmed that the building on the famed Parisian thoroughfare will house its flagship House of Innovation — but it’s not your usual real estate. Not by a long stretch.
The 83,000-square-foot (7,711-square-meter) edifice located at 79 Avenue des Champs-Élysées is worth a staggering 613 million euros ($673 million) — a record-high price for property on the broad, iconic boulevard, Forbes reports. Comparatively, tech giant Apple bought a place at 114 Avenue des Champs-Élysées valued at 600 million euros ($659 million).
According to the business news outlet, the average price per square meter in many areas of Paris has skyrocketed to 11,000 euros (more than $12,000). The Champs-Élysées is considered the most expensive street in Europe, with property selling for an average of 13,255 euros ($14,559) per square meter; New York’s Fifth Avenue, though, is still considered the most expensive street in the world, with property selling for an average of 29,822 euros ($32,755) per square meter.
The building, a historic heritage site, will become the company’s third House of Innovation when it opens in the spring. Other such Nike outposts already exist in Shanghai and New York.
“This new flagship introduces a rich and immersive way for consumers to experience Nike that goes beyond commerce,” a Nike spokesperson wrote in an email to FN. “Whether [you’re] on the cutting edge of fashion or an obsessive footballer, our House of Innovation will have something special for everyone in our most digitally led experience to date.”
Nike’s arrival at the Parisian landmark is part of a plan by the Comité Champs-Élysées, a 160-year-old merchants committee dedicated to seeking public projects and special events to enhance the avenue’s special character. The current plan calls for revitalizing the avenue with the designs of famed French architect Philippe Chiambaretta. The last time the area underwent a large-scale renovation was more than two decades ago.
More news on Nike’s Paris store will be forthcoming closer to its opening.
Correction: The story originally reported that Nike had purchased the building and will house its European headquarters in the space.
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