International retailers have snapped up 78% of new store openings in London, Paris and Berlin during the last two years, according to research from adviser Savills.
International retailers have snapped up 78% of new store openings in London, Paris and Berlin during the last two years, according to research from adviser Savills.
Of the new stores acquired, retailers from North America have been the most expansive, accounting for 20% of new openings across all three cities. This is followed by 14% from Italy and 11% from Switzerland.
London remains the most popular destination for international retail entrants, with 90% taking space in the city compared to 65% in Paris. However, Paris has been increasing in popularity and has seen twice as many new international retailers opening their first stores in the city in 2013 compared to 2012. Additionally, the firm has found that both Paris and London have welcomed retailers from a greater variety of countries, 14 in total, compared to 11 in Berlin.
Marie Hickey, associate director of research at Savills, commented: 'London remains the first choice city for many retailers looking to expand outside of their domestic markets, especially those from North America who are attracted by the common language and see London as a gateway to the wider European market. Over the last two years Paris has held greater appeal to expanding brands from within Europe such as those from Italy and Germany, but we expect some more of the North American brands now found in London will make the move across the channel.'
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