Old England may be seeing its last days in Boulevard des Capucines
today Oct 20, 2011
After the departure of Madelios from Boulevard de la Madeleine, it looks like it could be the turn of another historic department store to disappear from the area. According to our sources, Old England’s store in the Boulevard des Capucines could be the next one in line.
Old England’s owner, Albert Goldberg, who is also the founder of Façonnable, apparently had some difficulties in renewing the lease on the property with French real estate firm Société Foncière Lyonnaise. Or, according to our sources, the rent price was so high in the new contract that Old Engalnd could not afford to keep the place.
Even after attempts by its successive owners to give Old England a makeover, the department store does not have the same appeal as before and has been facing difficult financial times. Results for its last fiscal year (from April to 2009 to March 2010) showed a turnover of just over 9 million euros and a loss of more than 4.3 million. In the previous year, Old England registered a turnover of 11.1 million euros with a loss of 2.5 million.
While Madelios’ spot in the Parisian boulevard was taken over by C&A, our sources suggest that Old England’s store may be split into up to 8 different commercial properties, although it may as well be that only one company will take over. This will certainly be a great opportunity for newer brands taht are interested in being in one of the liveliest districts of the French capital.
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