2015 marks new peak in London luxury openings
New numbers from global real estate services provider Savills reveal that the British capital is set to attract a record number of international luxury fashion brands in 2015.
Balmain, Versus Versace and Alexander Wang have opened their first UK stores in London so far this year, and Savills expects another four luxury brands to have opened by the end of 2015. This would make a new peak in international luxury fashion openings in the city. Last year, six international luxury fashion brands opened London stores, compared to just one in 2012.
As Bond Street, traditionally the place to open a store if you're a luxury brand, has fewer available stores, brands are looking elsewhere. All of the four brands expected to open by year-end will be in Mayfair locations, including South Audley Street and Albemarle Street.
Total international retail openings this year in London come to 15, including Lindex, IWC Schaffhausen, Billionaires Boys Club, DSquared and Cuple. Another 13 are set to open by year-end, making for 28 in total, slightly fewer than the 33 in 2014 and 31 in 2013.
"The gradual decline in new entrants tends to reflect availability constraints rather than a softening in appetite from international brands to enter the UK market. London continues to be a global shop window for retailers and provides a strong international platform to showcase brands, not just generate sales," Savills said.
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