Luxury retailers reshaping London

Posted by: Victor Pardis on 10th May 2013
BNP PRE said streets surrounding “traditionally affluent locations” such as Bond Street and Sloane Square, exhibit the most potential for growth, with luxury retailers continuing the emerging trend to open stores in smaller streets such as Bruton Street, Mount Street and Brook Street. Local “cuts through” and the arcades of Mayfair and St James are enjoying a renaissance in destination luxury brands. 

BNP Paribas Real Estate’s Head of Retail, Patrick Heaps, said, “According to research, the global luxury market is set to grow by 57% to $499.3bn by 2015 and we believe that London will be a key beneficiary of this growth. “Even despite the on-going problems in the UK economy, London’s international appeal as a top global shopping destination hasn’t wavered, with visitor numbers remaining high, especially post-Olympics, and sales values continuing to grow.” BNP PRE added, “Interestingly, the quality of fashion retailers in retail sub-markets has also evolved. Almost 80% of Bond Street and 70% of Knightsbridge stores are now home to luxury retailers. Whilst Regent Street and Covent Garden has shown an uplift in luxury brand presence, the greatest emphasis has shifted towards ‘upper middle’ retailing.” This continued popularity is partly attributed to high-spending consumers from the Middle East, Russia and China, currently accounting for over 40% of all overseas transactions in central London. 

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