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European cities preferred for retailer expansion: CBRE
May '17
Courtesy: CBRE
Courtesy: CBRE
European cities were the preferred new destination for international retailer expansion attracting 43 per cent of new retail brands in 2016, up from 36 per cent in the previous year, according to the CBRE’s annual report ‘How Global is the Business of Retail?’ which found that Hong Kong was the world’s most popular destination for retailer expansion.

European retailers are redirecting their focus on expansion in their home continent rather than on places where currencies have become more expensive, the report said.

On a city level, Hong Kong retained its position as the world’s most popular destination for retailer expansion in 2016 attracting 87 new retailers, according to the report.

Hong Kong was closely followed by London which witnessed the second highest presence of new retailer entrants, with a total of 65 international retailers opening stores in London for the first time in 2016. Retailers such as Nars, New Balance, and Dyson all opened new stores in London last year helping London to maintain its position as a global retail powerhouse.

London was followed by Dubai who welcomed 59 new entrants. Doha moved up six places from last year’s new entrants ranking to take fourth place with 58 new retail brands and Tokyo being the fifth most sought after market with 48 new entrants to make up the top five most targeted retail cities globally. Notably, Paris jumped to seventh place (from 20th last year) attracting 36 new retailers as the French capital continued to attract international retailers due to its strong tourism market and stable economy. Thirty-three per cent of the new retailers to Paris were specialist clothing retailers such as Jordan, Rip Curl and Athlete’s Foot who are all targeting the large number of Parisian millennials.

Moscow and Vienna also featured in the top 10 target markets with 33 and 29 new entrants, respectively.

The latest CBRE report which tracked and identified the target cities for international retailers in 2016 found that the majority of the new retail brands that had opened in London originated from the United States, demonstrating that London continues to be a magnet for international retailers who want to establish their brand before expanding into Europe, Middle East and Africa (EMEA). The year 2016 also set a record for the amount of money invested in retail property in London with £ two billion being spent by the end of last year.

David Close, senior director, Cross Border Retail, EMEA, ¸said, “The current economic climate has led to retail brands targeting tried-and-tested retail locations. Retailers are increasingly looking at the traditional strongholds of London, Paris and Hong Kong and stores in the most prominent cities remain a strategic opportunity to attract consumers, build brand loyalty and generate sales off-line and on.” (SV)

Fibre2Fashion News Desk – India

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