Czechia's most expensive street welcomes five new luxury brands

Pařížská Street, Prague’s premier luxury shopping destination and the most expensive street in the Central and Eastern Europe region, continues to attract high-end brands as demand for retail space remains at an all-time high. In 2024, several prestigious names joined the street’s lineup.

Already home to over 50 boutiques—including Louis Vuitton, Gucci, Prada, Chanel, and Bulgari—Pařížská Street welcomed new additions such as Patrizia Pepe, The Brands, Le Labo, The Ingredients, and the first Czech Tudor watch boutique. With no retail vacancies reported by the end of last year, the area is set to expand further with two major development projects scheduled for completion in 2025.

The former InterContinental hotel is being transformed into the Fairmont Golden Prague, a project that will add seven new stores and 1,200 square meters of retail space. Meanwhile, Kaprain Real Estate’s Pařížská 25 development will contribute another 1,000 square meters of luxury retail, along with 19 high-end residential apartments. Cartier is also set to expand its boutique this year.

“The strong demand for luxury brands on Pařížská Street, coupled with zero vacancy in existing retail space by the end of 2024, underlines its continued appeal as a leading luxury shopping destination in Central and Eastern Europe,” said Jan Kotrbáček, Head of the Central and Eastern Europe Retail Leasing Team at Cushman & Wakefield.

Prague’s luxury retail market is growing beyond Pařížská Street as well, with Balmain Hair Couture opening a boutique on Dlouhá Street.

Jan Kotrbáček, senior partner at Cushman & Wakefield, in 2023 attributed the street's allure to its central setting, helping draw in global luxury brands like Chanel, Balenciaga, Polo Ralph Lauren, and Jimmy Choo.

According to the Cushman & Wakefield European Luxury Retail 2025 study, luxury fashion and accessories brands accounted for nearly half of all new store openings in Europe, totaling 41 locations. Jewelry and watch brands also expanded significantly, opening 26 new stores, surpassing the previous year’s numbers. Industry giants LVMH, Richemont, and Kering led this growth, with LVMH alone adding 15 stores.

Despite a slight decline in total store openings, limited prime retail space remains a key factor. Vacancy rates on major high-end streets in Czechia are exceptionally low, with 17 out of 20 key locations reporting vacancies below 5 percent.

“Physical stores remain key to connecting customers with brands. They are becoming the brand’s universe, where people enjoy luxury experiences and create lasting relationships with products,” said Rob Travers of Cushman & Wakefield.