London remained the most targeted city in Europe among international retailers seeking global expansion in 2017, according to the latest annual report from property group CBRE.
The report, How Global is the Business of Retail, identifies 123 cities which saw at least one new global retailer open a physical store last year; 41 per cent of the retailers targeted more than one city.
London reinforced its position on the European retail scene by heading the list, with 49 new global brands establishing stores; in global terms London was in fourth place after Hong Kong, Dubai, and Taipei.
Brands that established sites in London during 2017 included Canada Goose, Sonos, Reserved, and Arket. Food & Beverage and luxury brands were the most common categories of new stores, 40 per cent of which were opened by brands from the Asia Pacific region.
According to CBRE, consumer demand for experiential stores has been a key driver of expansion, as retail landlords seek to diversify their tenant mix.
“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,” says CBRE head of central London retail Michael Horwitz. “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.”