Commerce: Between Crisis and Revival

A Disrupted Landscape, But Not Devastated

Behind the closed storefronts, French physical retail is not dying; it is evolving. The annual study by Newmark France offers a nuanced overview of the sector. In the first nine months of the year, 46 retail chains have entered insolvency proceedings, nearly as many as in all of 2024, with fashion accounting for 39% and home goods for 24%. Meanwhile, 183 expansion plans are underway, representing nearly 3,000 potential openings.
The most dynamic brands are those that have successfully reimagined their formats: fast food, leisure chains, and local franchises. Discount stores, organic products, and bakeries continue their growth, often against the grain of cautious consumer trends. « The reshaping of the market is not a contraction, it’s a redistribution of opportunities, » notes Vianney d’Ersu, co-director of the Retail Department at Newmark France.
Urban outskirts are also capitalizing, hosting a growing share of new commercial projects. Delivery volume remains stable at around 290,000 square meters in 2025, with 72% situated outside city centers. Traditional formats are declining, but leisure centers are booming: about fifteen new complexes over 5,000 square meters will be established this year, totaling 130,000 square meters, a 51% increase compared to 2024.

Paris: A Showcase of Resilience

Paris remains the barometer of French commerce. In 2025, the city still attracts 63% of new foreign establishments, despite a slight decline. The average retail vacancy rate on prime streets is 4.1%, compared to 5.1% in 2024 — a historically low level. Luxury boutiques and premium brands continue to drive demand, bolstered by international tourism.
« We are seeing 27 luxury store openings this year, with more than half being new creations, » explains Antoine Salmon, co-director of the Retail Department at Newmark. Asian brands are emerging as the major trend: Miniso, Pop Mart, Gong Cha, and Gentle Monster embody a new aesthetic at the intersection of design and popular culture. These players are no longer just exporting products; they are exporting a lifestyle, notes Salmon.
This vitality is also fueling the investment market. Of the 2.3 billion euros invested in commercial real estate in the first nine months of the year, 65% involves Parisian street-level retail spaces. The luxury and prime locations segment remains highly competitive. Major deals are taking place, such as the joint venture between Kering and Ardian, or the sale of 223 rue Saint-Honoré to Pontegadea. Conversely, regional shopping malls and retail parks are struggling with abundant supply and prices that buyers still consider too high.

Hyper-selectivity

For Malo Lacroix, Director of Retail Capital Markets at Newmark, « hyper-selectivity remains key: only assets that combine location, tenant stability, and potential for appreciation attract buyers. » In other words, the premium on quality has become the new standard for brick-and-mortar retail.
In a landscape marked by consumer caution, rising operating costs, and the growth of e-commerce, France has nonetheless managed to maintain a dense commercial network, boosted by luxury and dining sectors. The retail landscape of tomorrow will be smaller, more expensive, but also more sustainable.
Far from disappearing, the traditional French store is simply evolving: fewer square feet, but higher value per square foot. This encapsulates the spirit of the 2025 market—and perhaps its future.