New luxury store openings in Prague, Czech Republic
After the opening last month of the Tiffany mono-brand boutique (directly operated), on Parizska street, the main luxury shopping destination of Prague, Jimmy Choo is scheduled to open its first mono-brand boutique in Prague, on the same street, by the end of this month. Thanks to the growing influx of travellers from Asia, especially from mainland China, Korea and Taiwan, Louis Vuitton and Burberry are reported to expand their presence in Prague, each with new flagship stores in the Old Town of the city. Daily newspaper Mlada fronta Dnes reports that the new Louis Vuitton are Burberry stores are likely to be open before December this year, in time for the Christmas and New Year holidays. According to research by CPP, Czech nationals account for less than 40% of the total sale of luxury goods.
Directly operated mono-brand luxury stores in Prague, mostly on Parizska street, include: Hermes, Prada, Bottega Veneta, Fendi, Burberry, Louis Vuitton, Dior etc. However, considering the size of the stores and their sales volumes, Prague is far from a comparison with major European luxury shopping hubs such as Milan or Munich. Currency fluctuations translate into most luxury goods sold in Prague to be 10 to 15% more expensive than Milan or Paris.