New players, new locations and new shopping habits have changed the luxury market dramatically in the past five years, but stores remain a destination for shoppers and tourists, according to Gucci and Bottega Veneta owner Kering’s top real estate executive.
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E9I\/fpM0MAriTpNVDnI2I0rNcBieEX\/ASMGdbr4cGex+QVhFXaMkGDsABVT7paTq7jsQLWYeQ4bIgYX7sZbc2ToK0+6kFWULDG7neNtRh\/YDl71BclE+h0y9y6HrE9cx7NK+5m9cSt+hPUuHtNnrmDe\/KQZzI7TYTNuX2rbzNwfQZprYmTbT+S+Ox7rswb0nXtMsMfpF6zVdv1Tp17r2J0c0F6grRSNvZHMnhZswQDNEvaIeP8mLdmgbZKb\/QI7FOwMlbuuYCtaunj6bUnE7knecDlHC3FesIK8HLwXXSFK61k+UDz8HCAMFuP552C5U3S9MexADwDaOqjE4a1\/afAOE0bbbR4xRuPay\/9lGZzDAUknRnEEnlwT0lAnZlfL0yxhbAMrezdWNEU6lR05mWebwdyCOMiNDQz5vQrYtIqO6qH4OUt576U028tCKWKHSlLraqwPu7A1wpYGqKIXyT57gpYC0NWAnf4SSI4StexeFkM\/\/gkMXAZVTcOi4JbiboKKTt3os1C9t09zHGrrNUk1X2HEIrqgM0sOYsfwOVbgT7TANyYhDTnCr0ELlw2LBtEgXi9jTLZX3ZMyg9O9l7Ro5iOCHsmQvr2507LIvCxp77ttZkUM93iHhcufyKRCrwuLO8Ojce8d\/rnp9vkiDQc9Tu8rXqWkp5jXlhAY8n0O3ERR\/4XXOhU1wWwe5\/3Nvzit\/8ENG21H8wcivzXM7nEausVrX8\/TXOxi3RUsbnXBzIBd5ZBNZ0gxLKcrUHxGYAJKe3zKUMuXiMFs66MKQyqu9jnXRjgXHokdgtx63NpuMXxSBAfPNfEp+l5+nVBn37YaL+Hl\/bAv4x4lI257E\/wFWNQ4TumMaQqLdFRfw5qWA4sFU759YHwxOc2mIVgknoUy7Ai7D3\/9nE4oguBwKu0GPCazJ\/KQ89rVO1wqAV1ipIDrJRC4rBOeFg7jP4\/oNEJ2RHZPSMYLyJJc\/PqLv3S\/48vS+B81O\/UYMAW\/LZxuiSyF9g5XYYy5b63jCBrdiG\/YkwIowbv\/WF3fHTFaTfrrfytIvq8ZLOOJuq2yZQF+K2YtIFVg3s+fhsg01FNmEmEFsVJEckyV\/ak4z5r8j7\/LudXzo13YtBM51OzvspR1bcix97BR6MWVDKIDSMQnrrNT92RkgFlZwQ7eYAh+YwXpcXpGUe6q00ixP9oU3ddOogXRCIajWufIPiz15cU+me+gqYkFvwjiVjSumyW6HJ8hY2hQ68lEX45W1SzXLg8GdhpUtoAgx5G7PX2Y\/8rwrfZ59Kyh2khwIra+o45uWC6naoasTDcjja993jxDWN9bPy1z+54GPtZvUKXNQ8bFwRkpIqkxY2w51schFX83WU0ZcfZij1V2dFe5B95\/lhi8tvYfguzwbbqNyDG7bpE8M4y+Ulqs8oNTzE7AWfE0qw0juLhkqxAgqGV7\/KFoDlLGzdhLUrkE4cp8R\/V4Zkuwx7IhA7xRfyfD9QIrN216UOGQtAqrrgLB9MgRmFC7ZDmGb6MWiW1tkwyIfj55KX+aXI3m6EUHMWLZ8Dl8wigeDGB6IAMRmB4jdZTyLPegq5jYken9n2REoES\/YrcIu\/XEL\/WYH8IN8bEsQdtNuUqtq91fV4xd8oCU7Jx7Nj9EbhEzzYXyHHv8Df25aWwW8pINikusTNrVXKBKUhgz9T\/lPCdzfLBdQydPVsD5qJpCRDyveKS779\/z1X1NsnVOnc4qvd8C6hF+yxIHWARTSQlkqyi5yX52UMJLGGdn7AL8Urj8qIE6PHNei9JkW+UQEk+ie4Hl7n12+ICM2Enl3HgkQN1qWfvPzoR0Qavyo4ORPj52FbvuW+H\/eBFprgEqqNNyyfzFpmGDcLye4MQ1neSHiTgZLWaulrrGX8pEUHyxvKsZHg1OZ6jnFtBgEO40SWoKFhMpv5A+05DPfIM16q5YgKiKRubHIJH2mFlDy+ZS1n3uRZtgvaM7Q2aOC3EjAdphodCLxGJBji7r1RdZ+eP+qJX3Pg5eZF\/nahorroHERVB+hFubiMU\/FKpYz7V8+zE6PTSqISJrcQlghnqYHPg6b0IEOe5DklN+XjD3VBCsEQTXnuOytrIn76c1Ooc7lkIuIwZbFR9EnoB1pb\/W5a2UeNLMJFxXPMFTAwIN1ncU6u6ozjgrXPDfJzhwOt4Ct1MNHEPQKTfL8gOu\/0XaN7grmNiTJdBPpJq7S\/sPPkONzfDeTBtRifVCeSNlyhKuu5mauui2fyzoKqZSESxZ6QhQ\/YAZK1G0Y3cPkeYuPKHdn1327UVrtg0+4NUSYuy\/4gEk4GL039NsITOYvRYNZ0\/zGMUtiPMNJwXdISe4LfmEnVezlCc8+3Ooh+15WApvh5NQyNghw8EalMFg4ozMZSFUBvwXoGc0gkMVLz8TVgU0iBxqflJ8BDE\/uqFqCcGEDF\/BbX3RwLiYYmROfTPNVJU3d87orJZJlnsyyibrsEs4sHbP2ihmN+KdswC\/AUggsmql5VXymLvJ0RwAgTXnjFMHDS5RZqHUNq4KRxaKdX+67A6xMAP3zVcIoXP3rkdUCwp2E1N7sSinjtLC1SphrlqPM7VEMZ\/xeCwD3ZZEpsfum4u\/letI1yEuZAmyU43+KZX++vw3SQcll3otp8X0a8MHAPxRjXhHRi\/dDXSGsgiEH5hl\/xo4lRIViQ9mvyWbbdS3iNm8AvW2zQuJoVktEhK4IJ49BXbFwHceDDtsZcZrTS46uMGnD+abMuZSty1RCR0edUk6iUqkLoTmpnU0nXZbuFtrWknytqZXaQu0ra7sNNxc4xYnZxlv4mjJLz7nvVpuAh3QUHZHuGB3Nk0qroXV1e882\/f\/8g0bs1HEB0DO86Ub7B3e0lsfm3jazWV6AtZVxSo8fk6KN1yilpnsoR4gCcmmsV5H\/pLMc4MsdhWYEtJTEvz0u+58G0nhReXPlT6vrMe\/XLMubm7I68zu0PIYKQ6f2EktWd7oja3BlbRyD4HMMRd0Bvr9hkZdUG9FSw0pkP3Nra09YXbs+hmek8xAvUGdCIyONQ04fO6xC3JRGfrAW0hCgckEkOBn+8PANInrh7nUrmjJe1HkPX3etb4DJRZ7BawPKbuvqffS0f2rfHauVNhl1geFu\/hGBo5pX4afci+lG8Ond8zZP+LZ41N2Sx3LBc1lTPKLRlXwkhXyevOM741Kv\/x4TlYs0\/fcR9xUm6qA1Lws0sshYx1GROPnqXl7RDf8vIiHb2rjBvPtwOb5nGxbmfbU\/EAHEVlK8nsXUu2nxtzZEoxFAir9KqD1w+0wLH5KHlgs9DXUKn+eg4IkjVW1FuhG2xfR2loKzPC\/b9l0jEnTog\/lUTg7n7rDwHHYMbqcs9gtrHKm3jQRM\/MIiUoAl6UaJtxFL\/HYTNKJWWueaai9aXbwf9RfJb18T9fKbuMwmudPoMe4KAPj3uexBQb9sDFDZcSsBUYC3+dzMH2nNrIUZhqhfkH8PbFhaqgwaVhf9Ld4zFV3bmbytCqBbBddiw\/oxbghaG0zsoggrTYUWyUPsfEESpLUuv+G3VlToL0ULBAvTNQAFffb3+B4r0IjPh0OAfIg3jWwmsf62\/Bxu4Pig4D\/+bBK63KzNGtmXxJi5zu3\/b4pK9AYELPwCLxAIcp4QYeIt05SBHYtTstqdlDevgRPuFS+QzsKlE9ZOCEoFR1wsk9ld5uup7r6m0lQFGM4p0Ti4APd+2N+qHAI9peCZzi0MKW7wbuoL0LRlsoIDl0JEO60bozK4ZfVoePolzjA401yjiDZCMXf3shCge+wnhPzLPpVcRxrgu4P4EVzuHxNsp+0irAmjqdGbGkEEC6P+1E3c9om9ritaOlcC9fCs5k2Q9F6MWtzwJUBDbgygDc2Mu8AE4gOtZFQRKLW1ui0dr5KhCxMCO+quV0larRBO+FXbGUE+nj2oDrJBHo6kAjwakFfy9D842ufGIF3dkZOEN6+izJOTOXfBPrjg7ODj86vJwjhLAts7OI2uS7iiT8jH\/5qME4jggZ+plx9svG8zF5LIL1scVtxXpTEZ9\/51RNEfXu+TDDAkMZggeV4RidovPlEFRXN3K24JqcwTTly2nHF\/BL07M17gR8xONGiRW\/Y55V8Z0+gSEY8Eg65jtdFHkSqAn97hwQE0gzVngGLGT5hHhbIpvYkbKXDNiX0zsocWziQc05utRrMFKmRgC4vodxvjT3suXIG91Q2bFXX0DzKp2dFpFsnVmtkmhsrOnfJy1IRqj+PjT+1G7c5U9gmUJJTnwofx0sD7RybF0XQNPMiT\/XHEIC6Cbl4\/Ja7FyHLH8beVBCL9lUf30qSCQqWWCThwbzYeujmJcCHQFne+fksq7R3Y\/UdTBVV2gOKo0l9mVSXOqOJcFhh4xm5e87QrGtIjgv+4GpwSLDZGZStKmetraUmsYI554tVa00ZLmgatsnYbCWpQsmabFycmn4COnis4XtlZh3ZGqvnuMAmoPNDjxePVX1D9DKTKmavlYgt+jO31dpVDRUlmYacDn57SxU61Eaag\/e96WRCBMFH\/DgjDv8BS1ExDR8PXz6jRQ2NQB8Q+E3ynFfgvA7kZBHTt1eab458LDSuo\/C0E+SH5EMCRHVE2nnlhpC1E1JIuRRUVNbXu","iv":"320218055d04d57865a90f34614c547f","s":"035e68a2bf4b04f2"}