London has been names the top destination for retailers looking to expand across Europe, despite the Brexit vote.
New data from commercial property consultancy CBRE has revealed that last year over £2bn worth of retail property investment took place in London, and 65 new retailers opened their doors.
Hong Kong outpaced London on a global scale seeing 87 new retailers set up shop over the last year.
Investment in London came largely from US investors, which suggests that although it lost out to Hong Kong globally, it is still the key hub for retailers aiming to break into Europe, the Middle East and Africa (EMEA).
Following coffee stores, specialist clothing stores and mid-range fashion stores were the most popular retail outlets for expansion, representing 18 per cent and 17 per cent of respectively of overseas investments last year.
“London is faring very well compared to other global cities and despite the heads winds of the business rates revaluation, which has had an impact on most retailers, international retail brands still continue to see the importance of having a store presence in London,” head of London retail at CBRE Hugh Radford said.
“The record number of tourists visiting London, benefitting from the weak pound, has also given a boost to most retailers’ sales figures. However, retailers are being increasingly selective about getting the right location and property to allow them to develop their retail offer and attract new customers”.