Mulberry to shut Paris retailer as slashed tourism hits one other capital

Mulberry will close the doors of its Paris store until international tourism returns, the luxury brand announced today.

The early exit from the lease at his shop at 275 rue Saint Honoré and the drastic tourist numbers due to pandemic restrictions have apparently hit Paris as much as London has.

The brand will rake in approximately £ 10.8 million in net after-tax proceeds to bolster the company’s liquidity position and support investment opportunities, a statement said in a statement.

Mulberry plans to open a new store in Paris once tourism approaches pre-pandemic levels.

London’s retail, hospitality and theater sectors have also suffered an economic blow as tourism has plummeted.

Although visitor frequency in central London has increased in recent months, it is still well below pre-pandemic levels.

City of London and Westminster MP Nickie Aiken said last month, “Right now our great capital is asleep and I want the government to consider a robust and ambitious plan to revive it and bring it back to life.

“A large part of it consists in helping our theater industry and thus all of the surrounding restaurants, shops and hotels – the ecosystem of our beautiful cosmopolitan city.”

The tourism-dependent theater and aerospace industries have been particularly vocal about the impact of declining tourism.

However, the reduced customer frequency due to increasing online shopping has caused problems for many stationary retail stores in the British capital and apparently also in Paris.