London is home to more international brands than any other city, according to research released by property advisor CBRE, with the city attracting 31 new market entrants last year.
Notable new retailers include J.Crew and luxury retailers Isabel Marant and Tom Ford who opened their first standalone stores. Other cities in the top ten include Beijing, Moscow, Shanghai, Frankfurt, Taipei and Singapore.
CBRE executive director of Luxury Goods & International retailers Eric Eastman said: “London now attracts more international visitors that any other capital in the world. A flood of brand-hungry overseas shoppers, many from China, has swept into Central London. Space demand from luxury and international retailers has moved into hyperdrive as a result."
The study found that Paris is the world’s hottest global retail market, attracting 50 new brands last year, while France is ranked as the leading country for new entrants, according to the latest edition of How Global is the Business of Retail? It found that of those 50 new entrants, 10 of them were in the luxury sector.
The study also showed retailers focused on more mature markets in 2013, with 18 of the top target cities considered mature markets compared with only 14 last year.
“The improving economic prospects in Western Europe and North America is leading global retailers to refocus their expansion plans on mature markets and the world’s major retail destinations, with Paris, Tokyo, London and Berlin the top targets. Retailers have also turned their attention to recovering European markets and Asian and South American cities where they are still under represented,” said Jose Luis Martin, EMEA senior director of cross border retail.