China continues to be the leading market for luxury brands.
China continues to be the leading market for luxury brands, driving demand as the market recovers from the pandemic and the latest wave of lockdowns. By the end of 2022, China accounted for more than 40% of all luxury brand openings despite tight retail restrictions, according to Savill research.
However, such figures are not record-breaking for the Chinese market and rather demonstrate temporary difficulties due to a decrease in buying activity. China accounted for 55% of all luxury openings in 2021.
"This was not unexpected given the acceleration in the pace of store openings a year earlier and weakening tenant confidence amid rolling closures seen in parts of China throughout 2022," the report said.
The total number of stores in the global market increased by 11% in 2022. Due to a temporary slowdown in retail activity in China, more openings were made in other Asian markets and some European countries.
Thus, Europe accounted for 23% of new discoveries, and the annual increase was 77%. The recovery was supported by international tourists returning from the pandemic and lower rental rates in some key trade corridors. In Asia, excluding China, luxury brand store openings are up 12% year-on-year.
27 APRIL 2023, China
Boohoo expands online presence with new marketplace for fashion
Victoria's Secret expands presence in Melbourne
Inditex's Bershka set to enter indian market with Mumbai store
Ross stores expands across the U.S. with 24 new locations
Chaumet opens doors to debut boutique in Italy
Birkenstock is launching first store in France
Salomon elevates brand presence with new Paris flagships 
Amiri expands presence in California 
Crocs expands its presence in India with Apparel Group 
Best Buy Canada to expand presence with 167 small-format locations 
Arket expands into Italy with Milan flagship