London claims top spot in Europe for new retailer expansion
Reinforcing its global appeal, London claimed the top spot in 2017 as the most targeted city for new retail entrants in Europe according to new research from CBRE.
CBRE’s annual report, How Global is the Business of Retail, found that the UK capital saw 49 new retail entrants in 2017, placing it fourth globally following Hong Kong, Dubai, and Taipei.
And despite uncertainty surrounding Britain’s decision to leave the EU, the UK ranked third overall for new retail entrants (54) preceded by Hong Kong and the United Arab Emirates.
Major brands to open their doors in the London last year include Canada Goose, Sonos, Reserved and Arket. Food & beverage and luxury brands were the biggest drivers of new store openings in London, accounting for 33 of the new entrants, 40 per cent of which came from Asia Pacific brands.
Michael Horwitz, head of central London retail at CBRE said: “The retail sector is witnessing a massive transformation due to the growth of e-commerce and a shift in consumer habits. However, the physical store remains a key element in retailers’ success. London’s innovative nature and access to international consumers creates an ideal environment for retailers looking to expand into the global market. We welcomed some great new brands in 2017, and are set to see some exciting entrants in the year ahead.”