More luxury retailers opened stores in London than any other city in 2016
By Elias Jahshan - Feb 27th 2017, 13:58
London’s status as the world capital for luxury retail has been reinforced with new data showing it had more luxury store openings than any other city in 2016.
According to Global Luxury Retail report, the city saw a total of 41 new luxury openings last year – of which 15 were the respective brand’s first ever store in London – compared to 36 in Paris, 31 in both New York and Dubai, and 24 in Milan.
London has consistently been the most visited city in the world by international tourists according to Savills, the real estate firm that published the report, making it an important luxury retail market.
The news comes after last week’s CBRE and Walpole report that named London as the world’s top destination for luxury retail, holding the greatest long-term potential for the sector compared to similar luxury hotspots despite worries surrounding Brexit.
Savills’ report suggests that for European luxury brands, London is a useful stepping stone prior to expanding into the US, while for US brands it provides a gateway to mainland Europe.
The World Tourism Organization also suggests that international tourist arrivals in London will double to almost 1.8 billion by 2030, boosted by the growth of low-cost air travel and an expanding middle class from emerging economies – especially China.
London’s appeal to Chinese tourists has grown exponentially, with visitor numbers increasing 69 percent in 2015 according to Office for National Statistics.
Savills said the recent weakening of the pound as a result of the Brexit vote, which has provided an immediate discount for many overseas shoppers, has given luxury spend in London a further boost.
“A significant proportion of luxury goods are now purchased outside a shopper’s home market, particularly those of Chinese consumers, reinforcing the importance of destination cities,” Savills commercial research director Marie Hickey said.
“This was apparent in 2016 when all of the key established global retail destinations saw more than 20 luxury brand store openings.”
Savills head of central London retail Anthony Selwyn added: “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.” All content copyright Retail Gazette. All rights reserved Website by volcanic
Ackermans launches ‘Moms4Moms’ educational platform to give mothers a helping hand
16/09/2019 - 14:03
According to a 2017 Statistic South Africa report, 61% of South African children are raised by only their mothers. This reveals that the majority of South African women have to navigate single-parenthood, as well as being the sole provider for their families.
Rhodes Food Group's turnover rises amid healthy international growth
16/09/2019 - 11:14
The international turnover of Rhodes Food Group, which makes Bull Brand corned meat and Bisto gravies, rose 13.4% in the 10 months to end-July, boosted by a weaker rand and exports of fruit snacks to the US.
The changing UX and CX landscape
13/09/2019 - 16:16
An exceptional customer experience (CX) builds a foundation of loyalty and trust. Similarly, a positive user experience (UX) encourages brand connections with people wanting to come back for more. And yet, local organisations must learn to embrace these more effectively to differentiate themselves from their competitors.
Footgear gets go-ahead to buy Edcon's footwear brands
13/09/2019 - 09:24
Footgear, the South African retailer of branded and non-branded footwear, on Thursday received the green light to purchase the assets and business associated with Edcon Limited’s Edgars Active and High Key brands.
Ackermans launches A-list Summer collection
12/09/2019 - 11:08
With winter’s icy grip on the country, it's hard to believe that summer is around the corner. The onset of warmer days means that it’s almost time to ditch the winter wardrobe and embrace a lighter, brighter one. However, selecting a summer wardrobe can be a daunting experience, as consumers are spoilt for choice and simply don’t have the time to sift through the top trends - particularly when on a budget.