London took the global top spot for luxury store openings in 2018, new research has found.
Jumping from fourth position in 2017, London became the most attractive destination for luxury retailers last year, outranking Paris, Tokyo and Singapore which were the top three in 2017, research by real estate adviser Savills has shown.
Last year London accounted for 9.6% of all luxury store openings worldwide – more than any other city. A total of 33 luxury retailers open their doors last year in the capital, up 38% on 2017.
The increase in openings follows the drop in the value of sterling, which resulted in increased international luxury retail spend in London in 2017, which in turn has gone on to support requirements and subsequent new openings in 2018.
Savills reports that globally, luxury brands opened 16% fewer new stores in 2018 compared with the previous year.