Economy Watch: Tourism Growth to Boost Luxury Retail Worldwide
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London topped the global ranking for new luxury retail store openings in 2016, according to the Savills Global Luxury Retail report, which was released this week. Tied for No. 3, New York was also high in the rankings—the highest in the United States, in fact. The British capital saw a total of 41 new luxury openings during the year, of which 15 were the respective brands’ first-ever stores in London, compared to 36 openings in Paris and 31 in both New York and Dubai.
For European luxury brands, London is a useful stepping stone to expand into the U.S., while for U.S. brands, it provides a gateway to Europe both geographically and in terms of brand profile. A number of European and U.S. luxury retailers opened new stores in the capital in 2016, including Moncler, de Grisogono and Valextra…
Economy Watch: Tourism Growth to Boost Luxury Retail Worldwide
