A new study entitled “Glitter and glamour shining brightly”, has revealed that the global luxury market has recovered from the financial crisis faster than expected. The study, which was conducted by Jones Lang LaSalle, looked at the top 100 luxury brands and their presence in European metros. It discovered that several leading brands in the luxury retail sector have posted sales growth in the double digits or even record highs for annual sales figures.
The study named London’s New Bond Street as Europe’s costliest luxury shopping street, followed by Paris’ Avenue Montaigne and Moscow’s Stoleshnikov Lane. While rents soar to €7,900 per square meter in London’s New Bond Street, Avenue Montaigne manages top rents of €7,500 per square meter and Stoleshnikov Lane clocks highs of €7,015 per square meter.
Robert Bonwell, CEO, EMEA Retail at Jones Lang LaSalle, admitted that luxury brands are increasingly expanding into Asia and other emerging markets these days. But he added that the brands are also returning to developed western luxury markets with investments in renovating and expanding existing luxury stores.
Meanwhile, James Dolphin, Head of EMEA Retail Agency at Jones Lang LaSalle, recognized the increasing role of online luxury shopping but also highlighted the importance of the luxury shopping streets of Europe for the success and growth of the global luxury sector. He added that the rebound in consumer spending after two subdued years has encouraged luxury brands to start expanding once again. This return to expansion is pushing up property prices at European high streets.
Currently, Paris houses 150 luxury stores run by the top 100 luxury brands. The French fashion capital is closely followed by London which has 125 stores run by the same brands. Milan trails in at third with under 87 luxury outlets. Here is a list of the major cities that continue to be of importance to leading luxury brands.
Paris: Paris continues to be the luxury and fashion capital of the world, with 154 luxury stores operated by the top 100 luxury brands that feature in Jones Lang LaSalle’s study.
London: All of the luxury brands surveyed by Jones Lang LaSalle operate in London through 125 stores.
Milan: The city of Milan in Italy houses 87 luxury stores. These are run by just under 90 of the top 100 luxury brands surveyed by Jones Lang LaSalle.
Moscow: The Russian capital hosts 66 stores belonging to leading luxury brands.
Rome: The historic city of Rome has 59 luxury stores.
Madrid: The Spanish capital houses 47 luxury stores.
Munich: Germany is a favorite among luxury brands. Munich alone is home to 46 luxury stores.
Berlin: 36 luxury brands have opened stores in the capital city of Germany.
Barcelona: Spain’s second-largest city is home to 36 luxury retail outlets.
Zurich: The Swiss city has 33 luxury stores.
Hamburg: The German city of Hamburg houses 32 luxury outlets.
Brussels: Brussels, Belgium has 30 luxury retail stores.
Dusseldorf: This German city is home to 30 luxury stores.
Frankfurt: The fifth-largest German city has 28 luxury stores
Prague: This picturesque capital city in the Czech Republic has 28 luxury stores.
Vienna: The capital of Austria also has 28 luxury retail outlets.
Istanbul: 27 luxury brands have set up shop in the Turkish capital.
Amsterdam: The Dutch capital is home to 22 luxury stores.
Antwerp: There are 13 luxury stores in Antwerp, Belgium.
Budapest: The Hungarian capital has 12 luxury stores.
Warsaw: The capital of Poland is home to 8 luxury stores.