Hong Kong has maintained its position as the world’s top city for Luxury & Business Fashion, according to the new edition of the How Global is the Business of Retail? report by global real estate advisor CB Richard Ellis (CBRE).
Attracting more than 90 percent of luxury retailers among the 47 luxury retailers covered in the report, Hong Kong retained the number one spot. The city benefits from being regarded as a premier retail destination from both Western and Eastern perspectives, attracting luxury retailers from across the world, including those that are principally Asian in focus.
The report found that Asian cities account for 8 of the top 15 luxury cities – Hong Kong, Taipei, Beijing, Shanghai, Singapore, Tokyo, Seoul and Kuala Lumpur. However, London, Dubai and Paris still feature strongly, with the majority of Luxury & Business Fashion retailers having a presence in those cities.
CBRE’s annual survey – now in its third year – mapped the global footprint of 294 of the world’s top retailers across 69 countries, exploring the globalisation of the retail industry at national and city levels and highlighting differences between sectors and regions, thereby identifying trends in the patterns of global retail expansion.
In terms of the presence of international retailers, Hong Kong retained its number five city ranking, attracting 43 percent of all international retail brands surveyed. The number one city ranking was retained by London, attracting 56 percent of all international retail brands. However, London’s position is increasingly being challenged by Dubai, which took the second highest presence of international retailers, at 55 percent.
Within Asia, Hong Kong is the leading retail market, closely followed by Beijing, Tokyo and Shanghai – all 4 of which of which feature in the global top 10 ranked cities.
To download the full report, visit CB Richard Ellis.