According to global real estate services provider – Savills’ ‘Global Luxury Retail Report’, London has topped the global ranking of new luxury shop openings (41) in the year 2016. The city also cited debut of 15 new brands. Paris gained the second position with 36 openings; New York and Dubai stood at the third place with 31 each; wherein Hong Kong and Milan came at fourth and fifth place with 25 and 24 new stores, respectively.
Anthony Selwyn, Head of Central London Retail at Savills, said, “The role of a specific destination in brand building and enhancing the customer experience remains key, and the heritage of London and Paris saw these cities rank first and second for new luxury openings last year. With international travel expected to double by 2030, appetite among luxury retailers to expand in key markets will remain strong, though we expect to see several of the emerging luxury markets gain more market share.”
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London has consistently been the most visited city in the world by international tourists and acts as a ‘gateway’ for US brands into Europe, which makes it a key destination for lavish brands as around one-third of all luxury spending takes place outside of label’s domestic markets, revealed report.
A few of European and US luxury retailers that opened new stores in the city last year include names like Moncler, de Grisogono and Valextra. Also, New York-based label Thom Browne is among the luxury retailers set to make debut in the UK with a new store this Spring. Other recent openings include accessories label Faliero Sarti alongside the eponymous flagship stores of fashion giants like Paul Smith, Amanda Wakeley and Alexander Wang. Germany-based luxury brand Philipp Plein also opened its maiden UK flagship in December last year.
