London leads

Published:  23 May, 2017

London is Europe's most sought after shopping destination, CBRE research finds

Among European cities, London remains the most sought after destination for retailers wishing to expand their operations according to CBRE’s annual report ‘How Global is the Business of Retail?’.

Globally, London is ranked second only to Hong Kong which has retained its position as the world’s most popular destination for retailer expansion attracting 87 new retailers. London has witnessed a total of 65 international retailers – including Nars, New Balance and Dyson – opening stores, helping it to maintain its position as a global retail powerhouse.

The latest CBRE report which tracks and identifies the target cities for international retailers in 2016, found that the majority of the new retail brands that have opened in London originate from the United States, and 2016 also set a record for the amount of money invested in retail property in London with £2 billion being spent by the end of last year.

Hugh Radford, chairman of London Retail at CBRE said: “London is faring very well compared to other global cities and despite the headwinds of the business rates revaluation, which has had an impact on most retailers, international retail brands still continue to see the importance of having a store presence in London. The record number of tourists visiting London, benefitting from the weak pound, has also given a boost to most retailers’ sales figures. However, retailers are being increasingly selective about getting the right location and property to allow them to develop their retail offer and attract new customers.”

Globally, the report revealed that coffee shops and restaurants to be the hottest retail sector for expansion into new markets, with retailers in that category accounting for 22 per cent of all expansion at city level. Next in line were specialist clothing stores (18 per cent) and mid-range fashion stores (17 per cent).

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