Home / Knowledge / News / Fashion / London top destination for new luxury stores: Savills
London top destination for new luxury stores: Savills
23
Feb '17
London has topped the global ranking for new luxury retail store openings in 2016, according to a recent report. The city saw a total of 41 new luxury openings during the year, of which 15 were the respective brand's first ever store in London. Paris witnessed 36 new store openings last year, and New York and Dubai both had 31 new stores.

The Global Luxury Retail report by Savills says that London has consistently been the most visited city in the world by international tourists. This makes it an important luxury retail market as approximately a third of this type of spend takes place abroad, according to the data from Exane BNP and ContactLab.

For European luxury brands, London is a useful stepping stone prior to expanding into the US, while for US brands it provides a gateway to Europe both geographically and in terms of brand profile.

Forecasts by the World Tourism Organization (UNWTO) suggest international tourist arrivals globally will double to almost 1.8 billion by 2030, aided by further growth of low cost air travel and a rapidly expanding and mobile middle class from emerging economies. Europe will remain the largest tourist market with a projected market share of 41 per cent by 2030 and its gateway cities, such as London, will be key target destinations for the increased tourist flow.

Destinations favoured by Chinese nationals, who acquire circa 40 per cent of their luxury goods abroad, are highly attractive for luxury retailers. London's appeal for luxury brands has therefore been enhanced by its rising popularity among Chinese travellers, with visitor numbers increasing 69 per cent in 2015, according to Office of National Statistics. The evolving future travel patterns of Chinese tourists will also play a major role in determining new and growth luxury retail destinations globally, adds the report.

The recent weakening in the pound, which has provided an immediate discount for many overseas shoppers, has given luxury spend in London a further boost, says Savills.

"A significant proportion of luxury goods are now purchased outside a shopper's home market, particularly those of Chinese consumers, reinforcing the importance of destination cities. This was apparent in 2016, when all of the key established global retail destinations saw more than 20 luxury brand store openings," said Marie Hickey, commercial research director at Savills.

“The role of a specific destination in brand building and enhancing the customer experience remains key, and the heritage of London and Paris saw these cities rank first and second for new luxury openings last year. With international travel expected to double by 2030, appetite among luxury retailers to expand in key markets will remain strong, though we expect to see several of the emerging luxury markets gain more market share,” Anthony Selwyn, head of Central London retail at Savills. (KD)

Fibre2Fashion News Desk – India


Must ReadView All

UK retailers may face extra £190 mn in business rates

Apparel/Garments | On 21st Sep 2018

UK retailers may face extra £190 mn in business rates

Retailers in the UK are likely to face an extra £190 million on their ...

Courtesy: EFI

Textiles | On 21st Sep 2018

Digital textile printing expected to grow at 20% CAGR

Digital textile printing is at this time about 3-4 per cent of all...

Bangladesh demands better prices for garment items from US

Apparel/Garments | On 21st Sep 2018

Bangladesh demands better prices for garment items from US

Bangladesh sought better prices for its exports, especially garments, ...

Interviews View All

Manfred Mentges, Sedo Treepoint GmbH

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Dharmendra Shah, Ozone PB Spintex Limited

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Amrit Sethia, SOIE

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Riddhi Jain,

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Shivani Swamy,

Shivani Swamy

The Livinguard Technology is owned by Green Impact Holding AG based in...

Italtex,

Italtex

Italtex is a leading studio publishing fabric trend-books since 1959....

Mr Ambrose Chan, DSG International (Thailand) PLC

Mr Ambrose Chan
DSG International (Thailand) PLC

Justin Chan & Shyam Gollakota, University of Washington

Justin Chan & Shyam Gollakota
University of Washington

A fabric that can store data without any electronics or batteries has been ...

Robert Erichsen, Statex Produktions & Vertriebs GmbH

Robert Erichsen
Statex Produktions & Vertriebs GmbH

Statex Produktions & Vertriebs Gmbh, founded in 1978 and headquartered ...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Bani Batra,

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Samar Firdos, Arvind Ltd

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search