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London's prime luxury retail streets continue to gleam despite economic gloom
13 Aug, 2012, London
To date this year, two of the world's top luxury shopping destinations - London's Bond Street and Sloane Street - have seen record levels of space change hands as top global luxury brands continue to secure new stores or to increase the size of their existing stores.
According to Cushman & Wakefield:
Lack of supply
Italian designers continue to dominate
After the Italians, Swiss designers accounted for the second largest percentage of retail space transacted so far this year (23%) and three of the 13 deals on Bond Street and Sloane Street. They included luxury Swiss brand Bally?s relocation from 116/117 New Bond Street to 45-46 New Bond Street.
French designers accounted for two deals (15% of retail space transacted) on the two streets. Upmarket brand Marithé François Girbaud - a new entrant to the UK - signed at 107 New Bond Street in February. The other French luxury designer was Tara Jarmon, which took assignment of 119 New Bond Street for its first standalone store in the UK. The 3,000 sq ft store will open later this summer.
One deal involved a U.S. brand - luxury designer Tom Ford signed at The Cadogan Estate?s new 201-206 Sloane Street development where it will open its first flagship store in the UK. The 7,000 sq ft store is scheduled to open in 2013.
And one deal involved a UK designer: iconic British brand Belstaff, owned by luxury group Labelux, leased 135/ 137 New Bond Street which totals around 25,000 sq ft. Belstaff will re-launch its historic brand from this flagship ?maison? store, which will open early next year.
All of the luxury fashion brands mentioned above were advised by Cushman & Wakefield which acted on 10 of the 13 deals, and on 89% (58,800 sq ft) of the space transacted, on Bond Street and Sloane Street this year.
Peter Mace, Head of Central London Retail, Cushman & Wakefield, said, "Bond Street and Sloane Street continue to hold their 'super luxury' status and experience robust demand for prime retail space. London is a natural choice for luxury retailers because of its position as a fashion hub and the rich mix of nationalities and tourists. Overseas shoppers are ensuring that luxury retail on these streets continues to thrive."