London leads the way in luxury store openings
24/04/2019
It accounted for 9.6% of all luxury store openings worldwide last year, with 33 luxury retailers opening their doors there. This was an increase of 38% compared to the previous year.
Luxury fashion brands were responsible for 45% of these store openings, while specialist accessory brands, focused on bags, footwear and eyewear, increased their share from 20% to 24%.
Overall, luxury brands opened 16% fewer new stores in 2018. These took place in 85 cities, compared to 118 in 2017.
London had fallen to fourth place on the Savills list in 2017, with Paris, Tokyo and Singapore all ranking higher. In 2018, Bangkok took the second spot with a 6.7% share of the openings. This was driven solely by the opening of the Iconsiam shopping mall in the Thai city.
Dubai and Hong Kong were joint third in the list, with Paris and New York fourth and fifth respectively.
Image shows the boutique that Tod’s opened in London in September 2018. It was designed by architect India Mahdavi and took the form of an apartment (credit: Leandro Farina/Tod’s).
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