Published on : Thursday, March 9, 2017
In 2016, highest number of luxury stores was opened in the city of London. As per Savills Global Luxury Retail report, the British capital was in the first place with highest number of new luxury retail store openings with more than 41 new luxury stores. Out of all, 15 stores belong to the brands that opened their stores for the first time in London.
Besides, Paris witnessed 36 new openings, New York with 31 stores, Dubai with 31, Hong Kong 25 stores and Milan with 24 respectively. London has been one of the most visited cities in the world without fail. According to Savills, London is a major luxury retail market in the world. For majority of European luxury brands, London remains one of the best bet to explore a product before taking it further to the US markets. On the other hand, for US markets, London is kind of a gateway to Europe both in terms of brand profile and geographically. As per the forecasts made by the World Tourism Organization, international tourist arrivals worldwide will be doubled to almost 1.8 billion by 2030. Low cost air travel and a fast increasing mobile middle class from emerging economies are the two major factors that will influence in shaping the tourist inflow in the coming years.