Which city has recorded the most openings of luxury shops in 2018?
While an exit from the European Union without agreement could well lose £ 6.8 billion to British luxury, the city of London has seen the flourishing of many prestigious shops in recent months.
London, land of luxury
A new address for Balenciaga, a Cheval Blanc hotel under construction, the very first Prada pastry shop opened outside Italy ... In the British capital, Luxury is more than ever its mark.
The Savills Group, which specializes in international real estate, reveals that London is the city that has concentrated the most Luxury store openings in 2018. Ranked fourth in the ranking in 2017 behind the Paris / Tokyo / Singapore trio, this year alone it has accounted for 9.6% of total prestige store openings worldwide.
It is followed by Bangkok - boosted by the inauguration of its ICONSIAM shopping center at the end of November - then by Dubai and Hong Kong tied. Paris and New York complete this Top 5.
A trend against the current of luxury retail
33 new top-of-the-range addresses have been created in London in the last 12 months, an increase of + 38% compared to last year. At retail, 45% of these boutiques are dedicated to fashion, while 24% are specialized in the sale of watch and jewelry products, and 24% in the marketing of accessories (+ 4 points compared to 2017).
According to Savills experts, luxury store openings in London could be closely linked to the depreciation of the pound sterling in 2017, prompting international consumers to consume premium products in Britain. But this dynamic of implementation is to put in opposition to the overall trend observed on the rest of the market. Indeed, 2018 would have recorded 16% of openings of luxury shops less than in 2017. A figure that can be explained in particular by the rise of phygital strategies leading the Houses not to invest in new addresses but to rethink their existing retail outlets or establish themselves in ephemeral spaces in order to deploy pop up stores ...