30.07.10
Moscow is in ninth place, with 72% of luxury retailers present, according to the new edition of How Global is the Business of Retail? by leading global real estate adviser CB Richard Ellis. Tokyo and Milan share this position in the rankings along with Moscow. Hong Kong maintained its position as the most popular global destination for luxury retailers, attracting 91% of luxury brands surveyed as part of the CBRE study. Hong Kong was closely followed by London, attracting 87% of luxury retailers, and by Dubai (85%) in third place. The report shows that luxury goods retailers have emerged as the most active and expansive retail sector, responsible for over 23% of new store openings during the past year. Despite the global economic slowdown, luxury retailers have continued to globalise, with the majority of luxury brands present across all three major global regions. On average, luxury retailers operate in over 25 countries and 50 cities worldwide – giving them the largest global presence of all retail sectors.
Growth in the global footprint of luxury retailers has mainly been geared towards emerging markets. China has been a major target, where the luxury sector is thriving, driven by rapidly increasing wealth and disposable income, along with a strong demand for new luxury Western brands. Brazil is rapidly becoming a new luxury hot spot in response to its growing economy and emerging middle class, with retailers such as Burberry – who recently opened their first store in Brasilia – planning to open a further four stores there this year. Louis Vuitton has recently opened three flagship stores in Shanghai, with other brands such as Tiffany & Co., Hermes and Prada all expanding rapidly across China.