London has been placed among the top luxury shopping hubs in the world, along with Paris, Milan, New York, Hong Kong and Tokyo, according to a study titled, ‘Retail Market Study 2013’, conducted by a Swiss firm Location Group.
According to the study, “London’s exclusive Mayfair district is vying to overtake Paris, Milan, New York, and Tokyo as the place to go for luxury shopping.”
Of the 600 retailers represented by New West End Company (NWEC)—a major marketing agency for stores in London—around 300 are luxury stores in the Bond Street area of London.
Top global luxury brands continue to secure new stores in London’s Bond Street and Sloane Street. Over one-third of the space sold on the two streets this year was taken by Italian designers, with several brand owners increasing their store size, states the retail market study.
Due to the rise in value of retail real estate, rental levels are touching almost £ 1,000 on Bond Street with strong growth in rental levels on Sloane Street over the last year, mentions the report.
The study predicts that the British high-end fashion streets will face competition from the upcoming fashion hubs in the US. Also, British labels, including Marks & Spencer and Debenhams, might be threatened by US apparel retailers who are looking towards the UK for extra profits.
The Retail Market Study 2013 is based on a survey of 145 most notable international cities of the fashion and retail world. Over 1,000 retailers, 750 shopping streets and 500 shopping centers were analyzed during the study.