Paris tops list of new luxury store openings
22/11/2017
The French capital has accounted for 5.9% of the total number of new stores, knocking London off the top spot. It fell to fourth spot behind Tokyo and Singapore and equal with Milan with 5% of openings.
Anthony Selwyn, director of Savills global luxury retail, said the ascent of Paris to first place in the list was primarily due to French luxury brands opening new stores in the city. This has included Louis Vuitton returning to its roots with the opening of the Maison Louis Vuitton Vendôme and a third standalone Paris store for Balenciaga.
The top ten was completed by Hong Kong, New York, Los Angeles, Kuala Lumpur and Toronto.
Europe has been the location for 38% of all luxury store openings so far in 2017, followed by Asia Pacific with 28% and North America with 20%.
Savills has said it expects the total number of new luxury store openings to reach 350 by the end of 2017. This would be down on the 470 reported last year.
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