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Luxury brands flock to China: 40% of all stores open in the country



China continues to be the leading market for luxury brands.
Cartier

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.

More about shopping malls in China



Mar 24, 2024, China:
Apple's newest store in Shanghai opened on March 21.
Dec 25, 2023, United Kingdom:
Nestled in the historic heart of London and renowned for its Georgian-era architectural splendor.
Dec 25, 2023, USA:
The company emphasized that cost-cutting is a pivotal focus for its future endeavors.
Dec 22, 2023, United Kingdom:
The sports giant has joined a long list of international brands that will open their store doors at Trinity Leeds shopping center.
Dec 22, 2023, Austria:
The brand will present at iconic locations such as Cortina d'Ampezzo in Italy, Zermatt in Switzerland, and Hochzillertal-Kaltenbach in Austria.
Dec 21, 2023, USA:
Italian fashion house has sealed a deal to acquire the building housing its flagship store.
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