Tokyo is world’s hottest retail market
Published: 27 May, 2015
London retains top spot as most international shopping destination in CBRE survey
Tokyo is the world’s hottest city for new retailer expansion, attracting 63 new retail brands, according to the latest report by global property advisor CBRE, “How Global is the Business of Retail?”. Singapore follows Tokyo with 58 new retail brands and Abu Dhabi saw the arrival of 55 new retail brands, ranking the city in third place in the top target markets by new retailer entrants.
London has retained its number one position as the world’s most international shopping destination with 57.9 per cent of international retailers present there. In 2014 12 new brands opened in the city, including American Eagle and Lululemon Athletics. The UK’s capital city continues to be a magnet for international retailers who want to showcase and establish their brand. London was closely followed by Dubai which has 55.7% of international retailers present and Shanghai with 53.4%.
Andrew Phipps, CBRE’s head of EMEA retail research, said: “The continued desire for expansion into new cities remains high for international brands and we are seeing a great deal of expansion into Asia and in particular into Tokyo, Singapore and Taipei, whilst, the desire to expand into the Middle East shows no sign of slowing down.
However, more established markets such as London continue to draw international brands as it attracts a phenomenal amount of international visitors and overseas shoppers making it a truly global shopping destination. It remains key for international brands to have a strong presence in London, fundamentally due to its size, transparency and position on the global retail stage.”
Retailer globalisation continued in 2014 as retail brands targeted a wide range of locations across the world. 164 cities were surveyed and half saw at least five new retailers open a store. Asia features heavily on the list of target cities of new retailer entrants with six out of the 15 cities from the region. Paris and Moscow were the only European cities that featured in the top 10 target markets attracting 41 and 42 new entrants respectively. US retailers dominated cross–border expansion and accounted for 26 per cent of expansion into new global markets, while Italian retailers were the second most active accounting for 14 per cent followed by UK-based retailers with 11 per cent.