Advertise with fastmoving.co.za
 
 

London is now the second favourite destination for luxury US retailers to break into the European market.
London is now the second favourite destination for luxury US retailers to break into the European market.

London now second favourite for US luxury retail expansion

INTERNATIONAL NEWS

By Ava Szajna-Hopgood - Apr 16th 2018, 10:31

London is now the second favourite destination for luxury US retailers to break into the European market. 

New research from Savills has found overseas expansion of luxury brands spurred on Europe’s letting activity in the global luxury retail market, with London and Paris acting as favourite stepping stones for brands to enter the market.

Accessible luxury brands have been much more acquisitive in recent years, growing their share of the market from 38 percent in 2016 to 45 percent in 2017.

In that year, London took 5.6 percent of all affordable luxury store openings globally, tied with Milan and ahead of Singapore, Hong Kong, New York and Tokyo.

Savills’ commercial research director Marie Hickey said, “this shift should prove beneficial in terms of occupational demand as these types of brands can support multiple stores in a given city, particularly in the larger European cities of London and Paris”.

Paris topped the European and global rankings in 2017, accounting for 5.9 percent of all letting activity. In Europe, London and Milan were tied second, each accounting for five percent of global activity.
Retail Gazette 

Read more about: retail | paris | luxury retail | london | expansion

Related News

Retail sales beat expectations in February
19/04/2019 - 12:39
SA shoppers spent more than expected in February, with retail sales growing 1.1% year on year, led by expenditure in the textiles, footwear and clothing sector.

Asian revenue surpasses European for first time at L’Oreal
18/04/2019 - 09:07
L’Oreal got more revenue from Asia than from Western Europe for the first time last quarter as the region’s surging demand for luxury products continued to resist the drag of a slower Chinese economy.

Easter is also a feast for criminals, retailers and consumers warned
18/04/2019 - 09:01
There is a tendency among criminals to use the Easter long weekend - and its spike in shopping - to their advantage, says Richard Phillips, joint CEO of retail cash management company Cash Connect.

Checkers hot cross buns go viral
17/04/2019 - 13:42
Checkers hot cross buns are trending on social media and South Africans are in stitches following the release of a viral video in which a false-positive breathalyser reading was recorded for a police officer.

Clicks says private-label products boosted interim earnings
17/04/2019 - 09:59
Clicks Group says it grew headline earnings by 12.9% to R763.3m in the six months to February thanks in part to better sales of its private-label products and higher profits from its distribution business.