LONDON—London has topped the global ranking for new luxury retail store openings in 2016, according to Savills Global Luxury Retail report. The city saw a total of 41 new luxury openings during the year, (of which 15 were the respective brand's first ever store in London), compared to 36 in Paris and 31 in both New York and Dubai.
London has consistently been the most visited city in the world by international tourists, says Savills, making it an important luxury retail market as approximately a third of this type of spend takes place abroad.
For European luxury brands, London is a useful stepping stone prior to expanding into the US, the report notes, while for US brands it provides a gateway to Europe both geographically and in terms of brand profile. A number of European and US luxury retailers opened new stores in the capital in 2016, including Moncler, de Grisogono and Valextra.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
