Published on : Tuesday, February 21, 2017
London’s status as the global capital for luxury retail has further been strengthened by new data, which states that it had more store openings in 2016 than any other city. London had a total of 41 new luxury openings last year – of which 15 were the respective brand’s first ever store in London – compared to 36 in Paris, 31 in both New York and Dubai and 24 in Milan. For international tourists, London has always been the most visited city in the world and according to Global Luxury Retail report, London is a significant luxury retail market.
Last week’s CBRE and Walpole reports named London as the world’s top destination for luxury retail. Despite Brexit uncertainties, the sector holds the greatest long-term potential compared to other luxury hotspots. For European luxury brands, London is a positive stepping stone before expanding into the US, while for US brands, it provides a gateway to mainland Europe.
As per the WTO, by 2030, international tourist arrivals in London will double up to almost 1.8 billion. It will be boosted by growth of low-cost air travel and increasing middle class from emerging economies like China. London’s appeal for Chinese tourists has grown a lot. The recent weakening of the Pound as a result of Brexit, has given luxury spending in London further boost.