London is retailers’ favourite city in Europe for international expansion, according to a new report from the CBRE.
In its new How Global is the Business of Retail report, 123 international cities were rated on how many new retail brands opened their for the first time over the past year.
London was ranked fourth in the world, seeing 49 brand new retailers open their doors last year including Canada Goose, Sonos, Arket and Reserved. It came behind Hong Kong, Dubai and Taipei.
The UK was ranked third on a country scale, with 54 new brands. It trailed Hong Kong and the UAE.
“The retail sector is witnessing a massive transformation due to the growth of e-commerce and a shift in consumer habits,” CBRE head of central London retail Michael Horwitz said.
“However, the physical store remains a key element in retailers’ success.
“London’s innovative nature and access to international consumers creates an ideal environment for retailers looking to expand into the global market.
“We welcomed some great new brands in 2017, and are set to see some exciting entrants in the year ahead.”