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London’s luxury retail streets are hot property, outstripping demand ten to one Monday, 13th August 2012
Photo credit: My Retail Media
London’s Bond Street and Sloane Street have brought in a record number of deals as the world’s top luxury brands clamour for space on the iconic retail destinations.
A report by Cushman & Wakefield has found that demand on both streets currently outstrips supply by around ten to one, as premium brands look to increase the size of their stores or spill-over onto adjoining streets.
In the past year 26,000 sq ft of new retailer space has been added, with Bond Street acquiring 15,000 sq ft and Sloane Street taking an additional 11,000 sq ft. Along with this, 65,800 sq ft has been transacted across 13 deals, despite consumer downturn and the eurozone crisis.
In fact, it seems there’s little that gets in the way of luxury brands looking to trade on London’s prime retail streets, with over one third of the space transacted this year taken by Italian designers. Alberta Ferretti, Loro Piana and Salvatore Ferragamo all increased the size of their existing stores in the past year, with Swiss and French designers also keen to expand.
“Bond Street and Sloane Street continue to hold their ‘super luxury’ status and experience robust demand for prime retail space.” Peter Mace, head of central London retail at Cushman & Wakefield said, adding:
“London is a natural choice for luxury retailers because of its position as a fashion hub and the rich mix of nationalities and tourists. Overseas shoppers are ensuring that luxury retail on these streets continues to thrive.”
Cushman & Wakefield advised on 10 of the 13 deals, and on 89 per cent of the space transacted on Bond Street and Sloane Street in the past year to date.