Apple has reportedly signed a 12-year lease for an entire building along Paris' historic Avenue des Champs-ÃlysÃ©es, where it plans to open a flagship Apple Store in the next two to three years .
According to Mac Generation, which cites a report from Le Figaro, Apple intends to house a store on the lower levels of the seven-story 114 Avenue des Champs-ÃlysÃ©es location, leaving upper floors for office space. Annual rent for the space comes in at an estimated 12 million euros.
While the real estate deal was struck late last year after months of negotiations, it could be some time before Apple moves in or begins to renovate the old Haussmannian building. The report claims renowned architect and close Apple partner Norman Foster will be handling the build, but needs to first gain the appropriate permits.
Apple currently operates 19 Apple Store outlets in France, including a pop-up Apple Watch shop at the Galerie Lafayette department store.
Apple was first rumored to open a retail location on the Champs-ÃlysÃ©es in 2003, with reports at the time claiming the popular Paris shopping district was in Apple's sights from the beginning. The company ultimately looked elsewhere in Paris, as it could not find a suitable location offering a long-term lease.