The UK may have suffered setbacks last year following its exit from the European Union, but London continues to remain the undisputed No 1 destination for shoppers. It is not a surprise that international investors continue to show faith in the UK property market.
Among European cities, London remains the most sought after destination for retailers wishing to expand their operations, according to real estate adviser CBRE’s annual report ‘How Global is the Business of Retail?’.
The latest CBRE report, which tracks and identifies the target cities for international retailers in 2016, found out that majority of the new retail brands that have opened in London originate from the US, demonstrating that London continues to be a magnet for international retailers, who want to establish their brand before expanding into Europe, Middle East and Africa (EMEA).
Furthermore, 2016 also set a record for money invested in retail property in London with £2 billion being spent by the end of last year. Of the contemporary brands arriving in London, 25 per cent have been mid-range retailers, with luxury retailers gravitating towards the Mayfair area and making up 20 per cent of all new retail entrants. London is followed by Dubai, which welcomed 59 new retailers.
London is ranked second only to Hong Kong which has retained its position as the world’s most popular destination for retailer expansion attracting 87 new retailers, according to CBRE’s annual report ‘How Global is the Business of Retail?’.