London Now Second Favorite For U.S. Luxury Retail Expansion

by MR Magazine Staff

London is now the second favorite destination for luxury US retailers to break into the European market. New research from Savills has found overseas expansion of luxury brands spurred on Europe’s letting activity in the global luxury retail market, with London and Paris acting as favorite stepping stones for brands to enter the market. Accessible luxury brands have been much more acquisitive in recent years, growing their share of the market from 38 per cent in 2016 to 45 percent in 2017. In that year, London took 5.6 percent of all affordable luxury store openings globally, tied with Milan and ahead of Singapore, Hong Kong, New York and Tokyo. Read more Retail Gazette.