London tops global ranking for luxury openings

Oxford Street London: Countdown begins for £2.9bn makeover
The biggest retail transformation to London's Oxford Street in 50 years will take place between now and 2023.
// London tops global rank of luxury openings
// 33 luxury retailers opened stores last year
// London has risen ahead of Paris, New York and Dubai

London has topped the global ranking for luxury store openings despite the tough conditions on the UK’s high streets.

International real estate adviser Savills found that luxury retailers viewed London as an appealing city as the UK’s capital saw 33 luxury retailers open stores last year.

The research also shows that London has risen ahead of cities such as Paris, New York and Dubai, after placing fourth in 2017.

London has seen its high streets struggle during Black Friday and the Christmas trading period but Savills reported that last year it accounted for 9.6 per cent of all luxury store openings worldwide, more than any other city globally.

Behind London, Bangkok ranked in with a 6.7 per cent share of openings, and Dubai and Hong Kong came joint third.

Meanwhile, Paris and New York took the fourth and fifth spots.

“In spite of the headwinds facing UK retail, the London luxury market is looking not only resilient but is also offering attractive opportunities for those brands who want to enter the market,” Savills retail research director Marie Hickey said.

Savills head of London Anthony Selwyn said: “Last year we saw the big luxury brands retrench to the core cities and we expect these global destinations to remain the key focus for luxury brands wanting to expand or improve their physical profile in 2019.”

Click here to sign up to Retail Gazette‘s free daily email newsletter


Please enter your comment!
Please enter your name here