In a new report, Savills suggests that luxury groups should look at growing, affluent cities across Asia Pacific, the Middle East for openings.
Luxury store openings slowed worldwide in 2023, but will pick up again in 2025 as more properties come onto the market and customers regain their appetite for spending, according to a report from the international estate agents
The report suggested that it’s only a matter of time before retail openings pick up once again following a relatively fallow year in 2023. Although China accounted for 41 percent of all global openings last year, the pace of activity in the region slowed against a backdrop of weaker demand for luxury and a reduction in
Los Angeles came in second, followed by affluent cities and leisure resorts in and around places including Atlanta, Dallas, Chicago and Aspen. “Therefore it’s no surprise that we have seen this slowdown in recent years as markets normalize. Weaker consumer confidence and spend in China, along with availability constraints in prime luxury locations in Europe, North America and Middle East means that we expect this slowing in new store activity will continue into the early part of 2025,” she said.
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