More than two thirds of all new international entrants in London since 2011 have been fashion retailers, research out today reveals.
Fashion retailers accounted for 69% of all first-store openings in central London between the start of 2011 and the end of August this year, according to property agency Savills.
The findings are based on an ongoing monitor by the agency of all new openings in the centre of the capital and at both of Westfield’s London centres.
Savills also found that of the fashion retailers opening their first stores in London in that period, just more than half were mid-market aspirational clothing brands such as J Crew and Rag & Bone, which accounted for 36% of all new openings across all sectors of retail. Of all the fashion retailers to open in London since 2011, 14% have been classed as luxury brands and 14% have been in the value sector.
Marie Hickey, director of research at Savills, said: “The influx of new international entrants and availability constraints in the core West End market has meant new entrants, particularly the top-end midmarket brands, have had to look beyond the core streets of Bond, Regent and Oxford. While for some new entrants a flagship on Bond Street or Regent Street will be vital, for others it will be about a location that fits with their brand identity, which may not necessarily be the key traditional pitches.”
The research shows that so far this year 11 international retailers have opened their first London stores, with another 12 due before the end of the year.