2025全球风险管理调研报告（第十期）

Introduction Welcome to the RetailXFrance100 360° Report for 2025.Here we analyse performance,consumer insights and marketdynamics to give a 360° view on of its most important and innovative retailers. France is a country of contrasts. Its economy isstrong – the seventh-largest globally – but thereis evidence that a combination of high debt andpolitical strife is holding back economic growth.It has a world-leading luxury industry with a global French retailers are investing in omnichannel, digitalservices instore, and artificial intelligence as an aidto day-to-day trading, operations and expansion. In the pages that follow, the RetailX team analysesdifferent aspects of retailing in France to help thosecompanies looking to expand into the market, orsimply to understand it better. As ever, we welcome Ian Jindal, CEO, RetailX Strategic overview Building and DIY group Kingfisher reported in itsrecent financial results that the “household savingsratio in France remains significantly higher than the consumption at home. This is despite risinghousehold savings rates, reported the IMF. Ecommerce now accounts for 11% oftotal retail in France as inflation reduces, French luxury brands also profited from theincrease in tourists, with LVMH brands LouisVuitton and Christian Dior enjoying “high visibility”over the summer. Luxury department store chainGaleries Lafayette reported that, in the first halfof the 2025 financial year, its Paris flagship store Consumer electronics group Fnac Darty reportedstrong growth for 2024. “We have succeeded inestablishing a very special position in the retailmarket thanks to our successful transformation,a focus on sustainability, the turning point in A member of the G7, a permanent member of theUN Security Council and long at the heart of theEuropean Union, France is a country that has global Nevertheless, the economic and political situationin France is volatile at the moment. Sovereignborrowing costs are high, its budget deficit ishigher than elsewhere in the EU and the far-rightpopulism of the National Rally has been attracting Galeries Lafayette’s art nouveau Paris flagship store,which has recently been renovated and revamped, “The omnichannel strategy and the diversificationof our offering, putting services at the heart ofour business model, contributed to our out-performance. It was a year marked by events and celebrations with significant potential to raise thevisibility of our brands (the Olympic and ParalympicGames, 70 years of Fnac, 50 years of Darty’s Growth and increased traffic wasn’t restricted tobricks-and-mortar stores, with French retailers alsoseeing growth online. For example, French sportinggoods retailer Decathlon reported an increase in In September 2025, President Emmanuel Macronhad to appoint his fifth prime minister in two years.This followed the ousting of François Bayrou in GROWTH ONLINE Online retailing in France reached record levels in2024. The sector was worth €175.3bn, an increaseof almost 10% over the previous year, according toFrench ecommerce and distance selling associationFevad. “This growth is mainly driven by a sharp Despite these issues, many of which are beingexperienced to a greater or lesser extent elsewherein Europe, France’s economy has “demonstratedresilience”, according to the International Monetary THE OLYMPICS EFFECTFrance’s 2024 GDP growth of 1.1% was supported by the Paris Olympics in July to August and theParalympics in August to September. Theseinternational sporting events increased France’s FRANCE100 360° | STRATEGIC OVERVIEW 38% of managers believe the ecommerce market tobe “promising,” a vision shared with 41% of retailersin other European countries. The French figure is ten Transaction volumes were up 9.6%, “demonstratingthe strong dynamism of the sector,” Fevad added. geoeconomic fragmentation and domestic policyuncertainty pose significant downside risks. “Nevertheless, easing trade tensions and renewedstructural reform momentum could supportbusiness and consumer confidence, enhancing “The year 2024 thus marks a turning point in thedevelopment of French ecommerce, with the returnof dynamic growth based on the increase in volumesthat reflects the ever-increasing place of ecommerce 64% of French respondents expect their own salesto increase in 2025, with 10% predicting “stronggrowth” this year. Net margin is expected to improveas well. 46% of French leaders plan to develop “For 2025, while repairs and maintenance activityremains supportive, we remain cautious onconsumer sentiment and the housing market inthe near term, supporting our home improvementmarket outlook of low-to-mid single digit per cent “2025 marks a turnaround in the morale ofecommerce leaders compared to last year,”said Fevad’s Lolivier. “This return to confidenceis reflected in the financial perspective oftheir companies. Their willingness to invest ininternational development testifies to their ability OUTLOOK Continuing its anal