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May 1, 2020
According to data from Savills, the first real estate service provider in the UK, in 2018, London was the city with the largest number of newly opened luxury brand stores in the world. Although the UK retail industry was generally weak in 2018 due to Brexit and other reasons, Savills said that in 2018, London still surpassed Paris, Tokyo and Singapore and other cities, becoming the world's largest number of new luxury brand stores.
Many cities accounted for 9.6% of the total number of new luxury stores opened in the world. Last year, 33 luxury retailers opened stores in London, an increase of 38% year-on-year.
Among other cities, Bangkok is close behind, with new stores accounting for 6.8% of the total, Hong Kong and Dubai tied for third place, and Paris and New York ranked fourth and fifth. In last year's ranking, London ranked fourth.
Savills said that the luxury brand's enthusiasm for London is probably due to the sharp drop in the pound exchange rate caused by Brexit and the reduction of overseas tourists' shopping costs in London.
Marie Hickey, director of retail research at Savills, said: “Although the UK retail industry looks very unsatisfactory, the luxury market in London is very strong and offers many opportunities for brands entering this market.”
Anthony Selwyn, head of retail research at Savills London, believes that in the past year, the luxury industry has paid more attention to the development of businesses in core cities such as London, Dubai, and Hong Kong. It is expected that for those brands that want to expand their physical retail network, the future Will still be the most popular choice.
Among all newly opened stores, the proportion of fashion luxury brand stores is still the highest, reaching 45%; the proportion of accessories, shoes and eyewear brands increased from 20% in the same period last year to 24%, and jewelry and watch brands (24 %) Tied for second place.