More luxury shops opened in London in 2016 than anywhere else in the world, making it the number-one global destination for high-end shoppers.
According to the Savill’s Global Luxury Report for 2016, 41 new luxury shops opened in London last year, while there were only 36 newcomers in Paris and 31 in New York and Dubai.
Some of the new shops opened in the capital during 2016 included French apparel label, Moncler; the first flagship store of Lebanese designer, Elie Saab; luxury menswear retailer, Hackett London; and car maker Bentley’s first shopping centre-based store.
The UK luxury market has been enjoying higher trading figures in the wake of Brexit, as more tourists take advantage of the weak pound to find designer bargains in shops like Harrods and Harvey Nichols.
Tourists from Asia make up a large sector of this market and visitor numbers from China and Hong Kong increased by almost 70% in the four-year period since 2011.