London is top European target for international retailer expansion

According to renowned commercial investment firm CBRE, London is officially the top destination in Europe for retailers looking to expand internationally. A report published by the firm entitled ‘How Global is the Business of Retail’ ranked 123 cities where at least one new international retail brand opened in 2017, and London came out top with an impressive 49 new retail tenants. This notable achievement also places London fourth in the overall global rankings – just behind Hong Kong, Dubai and Taipei – and the UK as a country third globally, behind Hong Kong and the United Arab Emirates.

Just some of the brands that made the move to London last year include Polish giant Reserved, Sonos and Canada Goose. The report noted that food and beverage and luxury brands made up the majority of new store openings in the capital. Indeed, the food and beverage category made up 25% of new market entrants globally in 2017 – a marked increase on the 16% in the previous year.

Head of Central London retail at CBRE Michael Horwitz explains: “The retail sector is witnessing a massive transformation due to the growth of e-commerce and a shift in consumer habits. However, the physical store remains a key element in retailers’ success. London’s innovative nature and access to international consumers creates an ideal environment for retailers looking to expand into the global market. We welcomed some great new brands in 2017, and are set to see some exciting entrants in the year ahead.”

This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.