Top retail brands are starting to look past the traditional high-end shopping destinations of Bond Street, Sloane Street and the like, with demand higher than ever for London’s premier retail stores. This demand refelcts in the rents. The effects of this could see further transformation of London’s shopping streets.
Some of the Capital’s less well known streets are emerging as high-end fashion hotspots. In recent years, Mount Street in Mayfair has attracted prestige brands including Ralph Lauren, Balenciaga, Goyard, Christian Loubiton, Marc Jacobs and Oscar De La Renta.The street has already transformed from what once was a quiet through street from Park Lane to Barclay Square. It will be interesting to predict what other streets will follow in its footsteps.
Patrick Heaps, Head of retail at BNP Paribas said “According to research the global luxury market is set to grow by 57% to $499.3 bn by 2015 and we believe London will be a key beneficiary of this growth”.
London’s continued success is a consequence of the recent influx of high spending shoppers from the Middle East, Russia and China, who currently account for over 40% of overseas transactions in Central London.
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