THE RETAIL BULLETIN - The home of retail news
Lest we forget
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
Interviews
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
London's overseas visitors help attract increasing number of international brands

A new report has revealed that over 98 international brands have opened in London across 23 different retail villages since 2012.

GENERAL MERCHANDISE

London's overseas visitors help attract increasing number of international brands

A new report has revealed that over 98 international brands have opened in London across 23 different retail villages since 2012.

According to Savills ‘World and London’ report, London’s 18.8 million international overnight visitors, who contribute to its $24 billion annual tourist spend, have helped to attract increasing numbers of international brands to the city.   

Savills’ study suggests that the biggest spenders are from UAE and China, with an average spend per transaction typically over £1,000. Chinese tourists currently account for only 2.6% of overseas spend in UK totalling £559 million but with improvements to the visa process, Visit Britain has predicted numbers to rise from 233,000 to 650,000 by 2020 with spending power of almost £1.1 billion. This upswing is expected to attract more international brands from Asia Pacific and South America. Recent new entrants have come from Europe and North America and include J Crew, Other Stories, Carven, Celine, IRO, Lindex, American Eagle, Victoria Secrets, Lulumelon.  

Peter Thomas, director of Savills central London retail, said: “Constraints on traditional key pitches such as Bond Street and Oxford Street has broadened the interest on a variety of retail destinations available to occupiers and shoppers. Currently top choice locations are Westfield (West London and Stratford), Covent Garden and Regent Street but Kings Road, Marylebone High Street and Spitalfields are all seeing major interest from new entrants.”

Savills said London has also seen the rate of international investors into its retail property intensify. According to the data, 59.2% of total spend in London’s retail property market was by overseas investors equating to £1.5 billion. Some 45% of all retail units on Bond Street are now owned by overseas entities, up by 10% when compared to January 2013.  Oxford Street’s overseas ownership has increased by 24.4% since early 2014 with foreign ownership accounting for 41.1% of units.  

Marie Hickey, director of Savills research team, added: “The trend for occupiers purchasing stores, in part as a way of future proofing themselves against future rental uplifts, appears to be relatively unique to London.  This is particularly prevalent on Bond Street where we have seen prime Zone A rise by 20.8% per annum over the last three years.”  

 

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

The Retail Design Seminar 2018
The Retail Design Seminar 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Seminar 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
AI in Retail Conference 2019
AI in Retail Conference 2019
18 September 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Retail marketing is changing pace rapidly by making communication across all platforms personalised, relevant, efficient, and helpful. AI not only helps shoppers find a perfect product but also pre-empts the shopping behaviour and speeds up payment.
The HR Summit 2019
The HR Summit 2019
Tuesday 8 October 2019
The Cavendish Conference Centre, London W1
The 11th HR Summit 2019, The Cavendish Conference Centre, London W1, 8 October 2019