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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