1、E U R O P E A NR E P O R T 2 0 2 4RET AILLUXURYINTRODUCTION01KEY TAKEAWAYS03 01EUROPEAN LUXURY RETAIL&REAL ESTATE TRENDS08LUXURY RETAILER TRENDS09LUXURY RETAIL OUTLOOK27LUXURY REAL ESTATE19KEY STATISTICSAT A GLANCE3102MARKET REPORTS36FranceParis37BelgiumBrussels61Italy Milan Rome41The Netherland

2、s Amsterdam65United KingdomLondon45Czech Republic Prague69Germany Munich Dsseldorf49Switzerland Zrich Geneva73SpainBarcelona Madrid53SwedenStockholm77Portugal Lisbon57DenmarkCopenhagen8103CUSHMAN&WAKEFIELD LUXURY TEAM86CO NTE NTSTHIS REPORT IS INTERACTIVELUXU RY R E TAI L AT TH E FO R EFRO NT O

3、F R E TAI L R E AL E S TATE E VO LUTIO NWelcome to Cushman&Wakefields inaugural European Luxury Retail report.As a market leading advisor to both luxury retailers and landlords,we are delighted to share our insights and analysis of key luxury retail real estate trends.In this report,we consider

4、the key drivers of the luxury retail market,from retailer trends to real estate strategies.From the normalisation of consumer demand to luxury retailers extension into more experience-driven offerings,we consider how these factors are shaping their real estate requirements.We also uncover key statis

5、tics on luxury retailer activity,key luxury street real estate dynamics including vacancy rates and rental growth and give our outlook for the future.Our analysis shows that retailer activity remains high and focussed on key luxury streets.However,vacancy in these highly-sought destinations continue

6、s to be constrained,challenging retailers opportunities to secure space,particularly for in-demand larger stores.These demand-supply dynamics are keeping upward pressure on rents and we have seen rents in luxury streets recovering at a faster rate than for all high streets across Europe.As ever,reta

7、ilers remain adaptive and innovative to the changing demands/requirements of their customers.And retailers of all complexions but especially luxury retailers recognise the vital nature of the store in their ability to connect with their customers and build brand engagement.I NTRO DU C TIO NROBERT TR

8、AVERSHead of EMEA RFOR LUXURY RETAILERS,PHYSICAL STORES REMAIN CRUCIAL AND AS WE ENTER THE NEW NORMAL FOLLOWING YEARS OF EXTRAORDINARY GROWTH,LUXURY RETAIL PITCHES HAVE ALL THE INGREDIENTS TO KEEP OUTPERFORMING THE MARKET.2EUROPEAN LUXURY RETAIL REPORT 20241CUSHMAN&WAKEFIELDKEY TAKEAWAYSLUXU RY

9、R E TAI L TR EN DSLUXU RY R E TAI L R E AL E S TATE Following several years of extraordinary increases,the European luxury retail market is normalising to more modest levels of sales growth.However,luxury markets remain resilient,bolstered not only by high-wealth luxury shoppers but also the return

10、of high-spending tourists to Europe.Fashion,footwear and accessories remain the bedrock of the luxury retail market.Jewellery and watches sales have seen strong growth in recent years as luxury shoppers look to hard luxury for value preservation.Location is essential:the concentration of focus on lu

11、xury in key streets and precincts drives the enduring attractiveness for shoppers and retailers alike,which has meant that key luxury streets have been remarkably resilient in terms of demand but consistently constrained in availability.This has meant that rents in key luxury streets have seen stron

12、ger uplift over the past several years than for high street retail as a whole:average annual rental growth for luxury streets reached 3.0%in 2023 whilst for all high streets,rental growth was 1.6%on average.Also over the past five years,whilst rental levels on high streets across Europe remain 10%be

13、low their end-2018 levels,rents on luxury high streets have now returned to end-2018 levels.Luxury brands have been highly active opening stores on the key luxury streets across Europe.In 2023,there were 107 store openings on 20 key luxury streets across 16 cities in 12 European countries.Fashion an

14、d hard luxury account for majority of store openings.Over 60%of the 107 stores opened in 2023 were as fashion and accessories stores with another 20%opened by luxury jewellery&watches brands.Major brands continue to dominate:of the 107 store openings,a third were by brands owned by the three lar

15、gest businesses,LVMH,Kering and Richemont.More than 60 other brands and groups made up the other two thirds of openings.Of the stores opened on key luxury streets in 2023 by LVMH,Kering and Richemont,half were in France,Italy and the UK.For other brands,a third were in these countries and two-thirds

16、 across key luxury streets in the other nine countries.STORE OPENINGS ON KEY LUXURY STREETS IN 2023,BY RETAILER TYPE706050403020100Source:Cushman&Wakefield ResearchCLOTHING&ACCESSORIESJEWELLERY&WATCHESOTHERFOOTWEARPERSONAL GOODSEYEWEARNUMBER OF STORES Luxury retailers have increasingly r

17、ecognised the significance of integrating their brands into more areas of their clienteles lifestyles and have embarked on strategic expansions into the hospitality sector,particularly hotels,restaurants and cafs.They are also creating stores in key luxury resort towns in beach and alpine settings t

18、o create deeper engagement with their customers in seasonal settings,strengthen brand loyalty and boost sales.4EUROPEAN LUXURY RETAIL REPORT 20243CUSHMAN&WAKEFIELDLUXU RY R E TAI L O U TLOO K Following the normalisation in 2023,European luxury retail sales growth is expected to slow to more mode

19、st levels of increase in the near term:annual growth for 2024-2028 is an average of 5%per annum according to forecasts from GlobalData.We expect retailers will remain focused on core luxury locations and will also continue to seek out opportunities to expand the size of their stores,especially to in

20、crease the ranges of products that can be carried in a single store and to offer more private and exclusive spaces for their VIP customers.Physical stores remain crucial to the luxury retail market,particularly as brands position their stores as a place for experience.Be it through adoption of techn

21、ology instore or creation of exclusive and private experience spaces or hosting in-store exhibitions and events,retailers are positioning their stores as an experience to drive brand engagement and customer loyalty.Many luxury brands are increasing the size of their stores to facilitate the implemen

22、tation of creative and innovative concepts.These strategies however face challenges due to a lack of available real estate.PRIME HEADLINE RENTAL GROWTHDEC 2018=100DEC-18DEC-19DEC-20DEC-21DEC-22DEC-23859095100105Source:Cushman&Wakefield ResearchLUXURY HIGH STREETSEUROPE HIGH STREETS Vacant space

23、on key luxury streets is highly constrained:Of the 20 streets profiled,16 have vacancy rates of less than 5%,including 7 which have no vacancy at all.This and the growth in demand for larger stores is driving development strategies to create more luxury spaces.Luxury companies are increasingly consi

24、dering investment into luxury retail real estate,either for owner occupation or investment.Focus has been particularly on key European luxury streets,especially in Paris,London and Milan.We also anticipate continuing appetite to invest in real estate assets,especially by the largest luxury retail pl

25、ayers,for long-term strategic positioning albeit on a selective basis.We expect that there will be an ongoing constraint of vacant space for retailers to consider for their occupational options,which will further be exacerbated by the desire for larger stores.This shortage of space is leading asset

26、owners to consider development in luxury precincts on a measured basis and especially where there are expectations of strong occupier demand and rental growth.We anticipate that rental levels will see further upward movement across many key European luxury streets.Many have seen rents stabilise or s

27、tarting to grow in the past several years and we expect this to continue and become more widespread with an average annual rental growth of between 1-2%per annum between 2024 and 2027.VACANCY RATES ON KEY LUXURY STREETS,END 2023 Source:Cushman&Wakefield Research10-15%5-10%0-5%NO VACANCYNUMBER OF

28、 STREETS20648106EUROPEAN LUXURY RETAIL REPORT 20245CUSHMAN&WAKEFIELDEU RO PE AN LUXU RY R E TAIL&R E AL E STATE TR E N DS017CUSHMAN&WAKEFIELDLUXURY RETAILER TRENDSLUXU RY MAR K E T R EMAI N S R E S I LI ENT ALB EIT D EMAN D N O R MALIS I N GFollowing several years of extraordinary increa

29、ses,European retail sales of luxury goods returned to more modest growth levels in 2023 but still reached new record highs.Luxury shoppers,especially high-wealth shoppers as well as aspirational consumers,escalated their spending in 2021 and 2022,fuelled by more occasions to go out,more opportunitie

30、s to travel and the desire to treat themselves after the forced restraint during the pandemic.This boost to sales meant that European luxury retail sales recovered strongly in 2021 and 2022,posting 26%growth y-o-y in 2022 alone,according to GlobalData.In 2023,this slowed to 9%y-o-y,driven by a recon

31、nect between middle-income luxury shopper behaviour and economic conditions,particularly for aspirational shoppers whose appetite to spend on luxury goods has been somewhat curtailed by rising cost and waning confidence.Despite restraint from some luxury consumers,sales were boosted not only by high

32、-wealth shoppers but also by a pick-up in tourists visiting Europe.Throughout 2023,tourist numbers improved significantly with total volumes almost back to pre-pandemic numbers.Even more encouragingly,this increase in activity also meant growth in the number of the highest spending travellers,notabl

33、y those from the Middle East and particularly China.This growth in long-haul travellers,as well as continuing strength in intra-European travel,meant that overall tourist spending in Europe also increased to exceed 2019 levels.Chinese tourists are especially important to the luxury market as they no

34、t only have high individual spend levels but also travel in large numbers,increasing overall spending in luxury stores.As restrictions on cross-border travel were finally relaxed by the Chinese government in 2023,Chinese tourists restarted long-haul travel:Chinese tourist arrivals in Europe more tha

35、n doubled in 2023 compared with 2022.Nearly all European countries saw the number of Chinese tourist arrivals increase in 2023 with favoured locations including France,Germany,Switzerland and the UK seeing numbers more than triple.However,overall levels of Chinese travellers and their spending are s

36、till significantly behind pre-pandemic levels and it is not until 2025 for spending and 2026 for arrival numbers that both are expected to recover fully.Travel by Middle Eastern travellers has also picked up considerably.The number of tourists visiting Europe from the United Arab Emirates increased

37、by 8%in 2023 and is now just 20%below pre-pandemic levels whereas Saudi Arabian tourist numbers exceeded pre-pandemic levels and hit a new record high in 2023.As did their spending:Middle Eastern travellers are notably high-spenders with an average spend per visit amongst the highest of all national

38、ities.UAE travellers significantly increased their spending and,whilst arrival numbers are still down below pre-pandemic levels,spending is 16%ahead of 2019.TOURIST VISITING EUROPE,NUMBER OF ARRIVALS AND SPENDING%RELATIVE TO 2019 LEVEL202020224F2025F2026F2027F2028F-80-60-40-20020406080100

39、Source:Tourism EconomicsVISITOR ARRIVALSSPENDING10EUROPEAN LUXURY RETAIL REPORT 2024FA S H IO N R EMAI N S B ED ROC K O F LUXU RY R E TAI L MAR K E TThe luxury retail market continues to be anchored by the fashion segments in 2023,clothing&footwear accounted for a quarter of total retail sales o

40、f luxury goods.Added to this,accessories,including in-demand handbags and eyewear,represented 11%.These segments routinely make up more than half of the major brands revenue.Proving highly attractive to luxury shoppers,jewellery&watches coveted hard luxury items accounted for 18%of luxury sales

41、in 2023,up from 16%pre-pandemic.Enjoying particularly strong growth in 2023 with an uplift of 17%y-o-y,jewellery&watches sales are being driven by the expectation that hard luxury goods are more likely to retain their value in times of economic uncertainty.Both LVMH(owner of watch brands Hublot

42、and TAG Heuer and jewellery brands Tiffany and Bulgari)and Richemont(home to watch brands Panerai,Jaeger-LeCoultre and IWC Schaffhausen and jewellery brands Buccellati and Cartier)saw their jewellery and watches divisions shine in 2023 and the Swatch Group,owner of brands including Longines,Omega an

43、d Blancpain,reported strong growth in sales in 2023.Over the past several years,sales of luxury luggage have grown strongly,reflecting the post-pandemic return of the opportunity to travel.Luxury shoppers appetite for travelling once again has fuelled an increase in sales by 14%y-o-y in 2023,albeit

44、total sales are still slightly adrift of pre-pandemic levels.Luxury retailers have also been investing in homewares ranges,seeking to create opportunities for deeper brand engagement with their customers as well as diversifying into new areas.Home products allow brands to project their aesthetic and

45、 brand identity into customers homes and create universal brand experience.Sales of luxury homewares including furniture and home dcor have enjoyed sustained growth in the past several years to reach a new high in 2023,15%higher than pre-pandemic levels.EUROPEAN LUXURY GOODS RETAIL SALES,BY SEGMENTE

46、UR BILLION051015202530CLOTHING&FOOTWEARJEWELRY&WATCHESPERSONAL CARE(COSMETICS&FRAGRANCES)DRINKSACCESSORIESHOME FURNIRURE AND HOMEWARESLUGGAGEOTHERSource:GlobalData20222023This strength in core segments has been reflected in store openings by retailers.In 2023,of the 107 store openings on

47、 the 20 luxury streets profiled in this report,over 60%were for clothing&accessories retailers with another 5%for footwear and 2%each for eyewear and luggage&bags.Another 20%of store openings were for jewellery and watch brands,with watch retailers,particularly monobrand stores,being particu

48、larly expansive in 2023,accounting for 15%of all store openings on their own.Footwear brands-including Jimmy Choo,Tods and Aquazurra-were also expanding with five new store openings in 2023.Retailers in our Other segment opening stores in 2023 include luxury writing instruments brand Montblanc which

49、 opened two new stores in 2023 and Swaine,retailer of luxury bags,leather goods and lifestyle accessories.STORE OPENINGS ON KEY LUXURY STREETS IN 2023,BY RETAILER TYPE706050403020100Source:Cushman&Wakefield ResearchCLOTHING&ACCESSORIESJEWELLERY&WATCHESOTHERFOOTWEARPERSONAL GOODSEYEWEARNU

50、MBER OF STORES12EUROPEAN LUXURY RETAIL REPORT 202411CUSHMAN&WAKEFIELDMA J O R B R AN DS CO NTI N U E TO DO M I NATE STORE OPENINGS ON KEY LUXURY STREETS IN 2023,BY RETAILER BRAND52%OTHERS 13%RICHEMONT11%KERING9%LVMH3%BURBERRY3%RALPH LAUREN2%CHANEL1%HERMES5%MONCLER 1%PRADASource:Cushman&Wakef

51、ield ResearchThe luxury retail market continues to be dominated by the largest brand conglomerates.According to GlobalData,the four largest market players-brand behemoth LVMH(home to 75 brands including Louis Vuitton,Christian Dior,Fendi and Tiffany),Kering(home to Gucci,Saint Laurent and Bottega Ve

52、neta),Richemont(owner of brands including Cartier and Van Cleef&Arpels)and Chanel account for a combined total of almost 40%of total European luxury goods retail sales.Other groups and standalone brands have enjoyed continued growth in sales and profitability as their focus on the core high-weal

53、th true-luxury shopper market has weathered the changing tides in luxury spending in 2023.Of the 107 store openings in 2023 on the 20 luxury streets profiled in this report,a third were by brands from the three largest market players:LVMH,Kering and Richemont.As well as opening stores in 2023,the la

54、rgest brands have many store openings already in the pipeline for 2024:LVMH have a number of stores due to open on key luxury streets in 2024,notably for its Louis Vuitton,Tiffany,Dior and Fendi brands.Also active in 2023 were Ralph Lauren,Burberry and brands owned by Moncler including Stone Island

55、and its eponymous Moncler label.The majority of stores opened over half were opened by almost 60 other brands and groups,including Tods,the Swatch Group,OTB Group,Roberto Cavalli and Ferragamo.14EUROPEAN LUXURY RETAIL REPORT 202413CUSHMAN&WAKEFIELDLuxury retail brands are also venturing further

56、into the world of restaurants and cafs.Luxury stores have for some time included food and beverage spaces but recent investment include standalone restaurants as well as integrated spaces.For example,Dior have opened a new restaurant,Monsieur Dior,in its recently reopened iconic store at 30 Avenue M

57、ontaigne in Paris and Ralph Laurens flagship store in Milan includes a bar that serves the designers signature hamburger.A number of luxury retailers including Louis Vuitton,Versace,Gucci and Breitling have also recently opened restaurants in global destinations,notably Dubai,Seoul and Tokyo.Cafs ha

58、ve also proved attractive to luxury retailers,including Ralph Lauren which has grown its successful Ralphs Coffee concept in 2023,opening a new outlet on Boulevard Saint-Germain in Paris.Pop-up cafs have also proven popular including recent openings at luxury department store Harrods in London from

59、Prada,Jimmy Choo and Tiffany,where it opened its first Blue Box Caf in Europe.Investing in hospitality offering by luxury retailers will remain an important strategy for the future as consumers appetite for luxury experiences grows.Bringing established brand awareness and customer loyalty to new are

60、as of revenue generation can not only boost sales and enhance financial performance but also deepen customer engagement for luxury brands.LUXU RY H OS PITALIT YLuxury retailers have increasingly recognised the significance of integrating their brands into more areas of their clienteles lifestyles,dr

61、iving brand awareness and sales.In response,they have embarked on strategic expansions into the hospitality sector.Hotels,imbibed with brands identities and aesthetics,often in key luxury precincts and resort areas,have been attractive avenues of investment.LVMH has been active in hotels for many ye

62、ars including through its Cheval Blanc-branded luxury maisons,first launched in 2006,and its purchase of Belmond hotels in 2018.In June 2023,its Bulgari brand opened a 114-room luxury hotel and spa in Rome,its second hotel in Italy and ninth worldwide.In addition,LVMH recently announced the developm

63、ent of the first Louis Vuitton-branded hotel on Avenue de Champs-lyses in Paris which is due to open in 2026;the building site which has been encased in ingenious hoarding in the style of a gigantic LVMH trunk has become a tourist photo opportunity itself!Other brands have established hotels in dest

64、inations linked to the brands identities:luxury watch maker Audemars Piguet opened the 50-room Htel des Horlogers in its home town in Switzerlands Vallee de Joux in mid 2022.Christian Louboutin has partnered with hotel group Marugal to create a 13-room boutique hotel on Portugals Alentejo coast,a lo

65、ng-favoured holiday destination for the designer;opened in June 2023,the hotel features artwork personally selected by Louboutin.16EUROPEAN LUXURY RETAIL REPORT 202415CUSHMAN&WAKEFIELDTH E AT TR AC TIO N O F LUXU RY R E SO RT TOWN SWith luxury shoppers renewed appetite for travel,retailers are i

66、ncreasingly positioning themselves in European luxury resort towns,particularly in beach and alpine settings.Establishing a presence in the places where their customers go to holiday means that brands can create deeper engagement,strengthen brand loyalty and boost sales.Some retailers have taken per

67、manent stores in resort towns,often where their products are aligned to the destinations activity.For example,Moncler opened a 300 sqm store in St Moritz in December 2023,showcasing its Grenoble range of high-performance,apres ski and outdoor apparel and accessories including goggles and helmets.Pop

68、-ups are an attractive way for luxury retailers to create presence and engage with their customers in seasonal settings.Iconic summer destinations attracting luxury retail pop-up stores in 2023 include Marbella in Spain(Fendi,Tiffany,Louis Vuitton and Christian Dior),St Tropez in France(Gucci,Jacque

69、mus and Loro Piana),the Greek isle of Mykanos(Chanel and Nanushka)and Lake Como in Northern Italy(Jacquemus).Ski resorts have also seen pop-ups in 2023 including in Gstaad(Chanel),Zermatt(Loro Piana)and Courchevel,where Jacquemus not only launched its first mountain boutique but complemented it with

70、 an ice-skating rink.In addition,luxury brands are now engaging in collaborations or takeovers of seasonal places,such as beach clubs and ski resorts,to further embed their brands with their customers experience.In Summer 2023,beach club takeovers included Valentino at the Palazzo Avino on the Amalf

71、i Coast in Italy,Dolce&Gabbana at the San Domenico Palace in Taormina on Sicily and Gucci at the Loulou Ramatuelle,near St Tropez in France.18EUROPEAN LUXURY RETAIL REPORT 202417CUSHMAN&WAKEFIELDLUXURY REAL ESTATELOC ATIO N IS (A S ALWAYS)E S S ENTIALLocation has always been key for luxury r

72、etailers:the concentration of focus on luxury in key streets and precincts drives the enduring attractiveness for shoppers and retailers alike.This has meant that key luxury streets have been remarkably resilient in terms of demand and consistently constrained in terms of availability.This has also

73、meant that rents in key luxury streets have seen stronger uplift over the past several years than for high street retail as a whole.Indeed,three of Europes key luxury streets-Via Montenapoleone,New Bond Street and Avenue des Champs-lyses-are in the top five worlds most expensive retail destinations.

74、Luxury streets across Europe have seen sustained positive rental growth over the past three years to regain the declines seen in 2020 and,by the end of 2023,on average,rental levels have returned to the levels of end-2018.In contrast,high streets as a whole are still 10%below where they were at end-

75、2018.Growth for both has been particularly strong in 2023 but luxury streets have again outstripped high streets as a whole:average rental growth for luxury streets reached 3.0%in 2023 whilst for all high streets,rental growth was 1.6%on average.PRIME HEADLINE RENTAL GROWTHDEC 2018=100DEC-18DEC-19DE

76、C-20DEC-21DEC-22DEC-23859095100105Source:Cushman&Wakefield ResearchLUXURY HIGH STREETSEUROPE HIGH STREETSIn terms of occupier demand,luxury retailers have and will remain focused on key streets and precincts as definitive luxury locations which attract both shoppers and other luxury brands and o

77、fferings.In addition,retailers are also now increasingly considering additional locations,either on short-term/pop-up basis or as permanent commitments.These locations include luxury resort towns where brands can further embed themselves with established customers.Whilst some retailers are choosing

78、a diversification of locations in part to appeal to younger and aspirational shoppers,building brand awareness and creating opportunities to take new customers on a journey to deeper engagement over time.20EUROPEAN LUXURY RETAIL REPORT 2024S TO R E S A S AN E XPER I EN C EPhysical stores remain esse

79、ntial to the luxury,high-end retail market.The store has evolved into a crucial platform for brand promotion,with retailers introducing new concepts to address the evolving demographics of their consumer base and the growing demand for experiential luxury.They are also places to offer exclusive prod

80、ucts and services that can only be enjoyed in store and in person,a compelling reason to visit for luxury shoppers who are increasingly seeking the new and the unique.Stores are not only a place to engage and delight customers,they are also a place to express brand identity.Compelling design and hig

81、h-quality materials to create engaging places for customers to explore and experience brands remain at the forefront of store look and feel.But retailers are increasingly investing in innovation and technology to transform their stores into places for experience.The introduction of high-quality digi

82、tal interfaces such as interactive screens,augmented reality and virtual reality allow customers to learn about,engage with and even customise products,enhancing their experience and engagement with brands.For example,in early 2024,Montblanc launched an exclusive service for bespoke fountain pen nib

83、 configuration available in selected Montblanc flagship stores.Alongside a private appointment with an expert during which the full range of Montblanc nibs can be tested,customers can interact with,an online databank of 3D photos and videos that allows customers to compare the nibs characteristics a

84、nd writing styles.Once their preferred type is selected,customers can then choose from various customisation options to create a personalised nib design.Luxury retailers are increasingly creating more dedicated private spaces to engage their clientele especially those in the high-wealth true luxury

85、segment and reinforce their exclusivity and build and deepen brand loyalty.As focus on high-spend shoppers sharpens,ways to differentiate through access to personalised services and exclusive goods only available in store is seen as key to drawing this demographic to the brand.These dedicated spaces

86、 can take the form of lounges,suites or even dedicated stores for private browsing,connecting with products and by-appointment experiences.An example of this is Diors 10,000 sqm store at 30 Avenue Montaigne in Paris which includes not only extensive retail space,the exclusive Monsieur Dior restauran

87、t and a patisserie but also a haute couture workshop and an area for customised jewellery orders.It also includes La Suite Dior,an exclusive private apartment only available to VIP guests who must submit an application to be able to book a stay in the sumptuous accommodation.A stay in La Suite Dior

88、also entitles guests to exclusive experiences such as private out-of-hours shopping or private viewings at La Galerie Dior,the fashion houses museum and gallery.This also illustrates how,in addition to sales space,retailers are incorporating enticing experience-enhancing spaces including brand museu

89、ms,modern art galleries and event/exhibition spaces in their stores.This diversification not only caters to evolving consumer appetites for immersive and memorable experiences,it also broadens the appeal of stores from the traditional luxury shopper to younger cohorts.Creating gateways into the luxu

90、ry market unlocks opportunities to establish brand relationships with aspirational shoppers particularly younger shoppers and then build brand loyalty for the future.This is especially important as projections indicate that by 2030,Gen Y,Gen Z,and Gen Alpha collectively will encompass approximately

91、75-85%of luxury buyers.As always but now increasingly so and across different demographics of shoppers,focus for luxury retailers is on customer experience:the touchpoints that shoppers have to engage with retailers may be different for different demographics but how the customer feels is critical t

92、o engagement and loyalty.22EUROPEAN LUXURY RETAIL REPORT 202421CUSHMAN&WAKEFIELDVACANCY RATES ON KEY LUXURY STREETS,END 2023 Source:Cushman&Wakefield Research10-15%5-10%0-5%NO VACANCYNUMBER OF STREETS2064810BOOS TI N G S TO R E S IZE S TO TR AN S FO R M TH E S TO R ETo facilitate the impleme

93、ntation of creative and innovative concepts,many luxury brands especially the largest ones are seeking to increase the size of their stores.As well as the need for more space to incorporate additional customer elements,larger stores mean brands can offer a wider range of products across more categor

94、ies within the same store.However,achieving this expansion poses a considerable challenge,particularly given the limited availability of space on highly-coveted luxury high streets.Indeed,of the 20 European luxury retail streets profiled in this report,six have no vacancy and four have less than 5%v

95、acancy.As a result,many luxury retailers are seeking to create more from what space is available.This includes expanding existing stores into neighbouring spaces,sometimes shifting brands within the same stable to other locations or though repurposing or acquiring upper floor spaces for sales or exp

96、erience areas.This shortage of space has also driven development to either intensify the use of existing sites particularly in locations where there are restrictive permitting environments or develop existing older buildings into new spaces,some of which have the potential to extend key pitch areas

97、of these exclusive streets.For example,recent and ongoing developments in Barcelona and Amsterdam look to draw luxury retailers to new parts of Passeig de Grcia and PC Hooftstraat.In Milan,the recent reinvention of the Garage Traversi,a 1930s former carpark building,into a luxury retail destination

98、has attracted brands including Louis Vuitton,which opened a pop-up store for its homewares range during 2022 and,in 2023,opened a new three-storey flagship store incorporating both sales areas and event spaces.24EUROPEAN LUXURY RETAIL REPORT 202423CUSHMAN&WAKEFIELDG ROWI N G APPE TITE FO R R E A

99、L E S TATE I NVE S TM ENTThe intense competition for the limited available space on highly sought-after high streets has led luxury companies to increasingly consider the acquisition of buildings rather than solely relying on leasing arrangements.This sentiment has contributed to a growing trend for

100、 luxury companies to buy retail real estate,either for owner occupation or investment.In Europe,interest has been particularly keen in Paris,London and Milan.Both LVMH and Kering have recently acquired real estate assets in Paris,particularly in close proximity to core locations such as Avenue de Ch

101、amps-lyses,Avenue Montaigne and Rue Saint-Honor.In June 2023,LVMH acquired the building housing its flagship Louis Vuitton store at 101 Avenue de Champs-lyses.In December 2023,LVMH then acquired 150 Avenue de Champs-lyses.Kering has also been active,purchasing two buildings in Paris in 2023 35 Avenu

102、e Montaigne,home to its Saint Laurent flagship as well as offices,and 235 Rue St-Honor where it is opening a giant Gucci store.London has also seen recent appetite for investment from major luxury retailers.The Swatch Group acquired 171 New Bond Street,home to its Harry Winston brand in October 2023

103、,having already acquired 32-33 Old Bond Street home to Kerings Saint Laurent Bond Street storeearlier in the year.In June 2023,luxury shoe brand Manolo Blahnik purchased 31 Old Burlington Street,between Bond Street and Savile Row,for its own occupation as its London headquarters.Milan has also been

104、a focus for luxury retailers including Kerings acquisition of Via Montenapoleone 8-a five-storey building which houses its Saint Laurent store as well as other brands and office space-in April 2024.Kerings acquisition of this asset was the largest single-asset real estate investment transaction in E

105、urope since March 2022,reinforcing Kerings strategy to hold a stake in its prime assets in highly-desirable locations.As well as these and other key European luxury precincts,the trend has been particularly clear on New Yorks renowned Fifth Avenue,where Prada acquired two buildings in 2023 and Kerin

106、g announced the purchase of 715-717 Fifth Avenue in January 2024.26EUROPEAN LUXURY RETAIL REPORT 202425CUSHMAN&WAKEFIELDLUXURY RETAIL OUTLOOKP OS ITIVE B U T N O R MALIS ED G ROW TH I N LUXU RY SALE S E XPEC TEDFollowing the normalisation in 2023,European luxury retail sales growth is expected t

107、o slow to more modest levels of increase in the near term.Annual growth for 2024-2028 is an average of 5%per annum according to forecasts from GlobalData.Geographically,the largest markets of France,the UK and Italy are expected to see strong positive sales growth in 2024 as are Germany,Switzerland,

108、Portugal,Sweden,Ireland and Belgium.In terms of segments,growth in luxury clothing and footwear is expected to remain the largest part of the luxury goods retail market and is forecast to enjoy ongoing,albeit more modest,sales growth in the coming years.Brands continue to invest in not only the brea

109、dth of their fashion offering but also in the creative direction with new opportunities for customer engagement.Jewellery&watches are expected to see above average growth as consumers continue to value hard luxury for not only their own enjoyment but also value retention.Sales of luxury luggage

110、items are also expected to continue to increase over the next several years as more shoppers choose to travel.Luxury retailers are expected to expand further into home furniture&homewares as consumers show increasing appetite for a wider brand experience:a recent survey by BoF Insights and Altia

111、nt LuxuryOpinions showed that as many as 73%of luxury consumers surveyed would be willing to buy homewares products branded by luxury fashion or beauty companies.This and the strategy to extend brand universes into their customers lifestyles is also likely to further fuel investment by luxury retail

112、 brands into experience-based areas.Hotels,restaurants,cafes and even cruises are not only ways in which to further extend brand engagement but also to showcase new products such as furniture and home dcor that continue the brands aesthetics and identities.In the BoF-Altiant survey,over 30%of survey

113、ed high net worth shoppers see luxury brand hospitality experiences as a driver for purchasing the brands home goods.EUROPEAN LUXURY GOODS RETAIL SALES,BY SEGMENT6%12%14%16%8%10%0%2%4%CLOTHING&FOOTWEARJEWELRY&WATCHESPERSONAL CARE(COSMETICS&FRAGRANCESDRINKSACCESSORIESHOMIE FURNITURE AND H

114、OMEWARESLUGGAGEOTHERTOTAL SALESSource:GlobalData2024F2025F-2028F(AVERAGE PER YEAR)202328EUROPEAN LUXURY RETAIL REPORT 2024We expect retailers will remain focused on core luxury locations,particularly key streets which are well established as destinations for luxury shoppers.Retailers will also conti

115、nue to seek out opportunities to expand the size of their stores,especially to increase the ranges of products that can be carried in a single store and to offer more private and exclusive spaces for their VIP customers.We also anticipate continuing appetite to invest in real estate assets,especiall

116、y by the largest luxury retail players,for long-term strategic positioning.However,these acquisitions will be selective and often linked to their own occupational strategies.This interest in acquiring assets is in part driven by the shortage of available space in key luxury areas.We expect that ther

117、e will be an ongoing constraint of vacant space for retailers to consider for their occupational options,which will further be exacerbated by the desire for larger stores.This shortage of space is leading asset owners to consider development in luxury precincts,either intensifying use on current sit

118、es or new developments to create more offering on or even extend prime pitches.This is likely to continue but on a considered basis and especially where there are expectations of strong occupier demand and rental growth.We anticipate that rental levels will see further upward movement across many ke

119、y European luxury streets.Many have seen rents stabilise or starting to grow in the past several years and we expect this to continue and become more widespread with an average annual rental growth of between 1-2%per annum between 2024 and 2027.What is certain is that luxury retail is growing,not on

120、ly in size but scope:retailers are increasingly seeking ways in which to become more of a part of their shoppers lives.This is inflecting not only the types and locations of the real estate luxury retailers are taking to achieve this but the ways in which they are taking them,from increasing store s

121、ize to adding experience spaces to investing in real estate directly.LUXURY RETAIL REAL ESTATE,LIKE LUXURY RETAIL ITSELF,CONTINUES TO EVOLVE.30EUROPEAN LUXURY RETAIL REPORT 202429CUSHMAN&WAKEFIELDKEY LUXURY STREETS STATISTICS AT A GLANCELUXU RY S TO R E O PEN I N G SLUXURY STORE OPENINGS IN 2023

122、,BY COUNTRY GROUP AND RETAILER GROUPOTHER MARKETSFRANCE,ITALY&UKSource:Cushman&Wakefield Research80706050403020100LVMH,KERINGAND RICHEMONTOTHER BRANDSNUMBER OF STORESLUXURY STORE OPENINGS IN 2023,BY COUNTRY GROUP AND RETAILER TYPESource:Cushman&Wakefield Research706050403020100FASHION&am

123、p;ACCESSORIESJEWELLERY&WATCHESOTHERFOOTWEARPERSONAL GOODSEYEWEAROTHER MARKETSFRANCE,ITALY&UKNUMBER OF STORESLUXURY STORE OPENINGS IN 2023,BY COUNTRY GROUP58%OTHER MARKETS42%FRANCE,ITALY&UKSource:Cushman&Wakefield Research4 in 10 openings in 2023 were on key luxury streets in France,I

124、taly and the UK.Almost half of all fashion openings were in France,Italy and the UK but jewellery and watches were more active in other European markets.The largest luxury groups LVMH,Kering and Richemont opened half their stores on key luxury streets in France,Italy and the UK.On luxury streets in

125、other countries,brands outside these three accounted for two thirds of openings in 2023.32EUROPEAN LUXURY RETAIL REPORT 202420%+10-20%0-5%5-10%LUXU RY S TR EE TS VAC AN C Y R ATE S&R ENTAL G ROW THVACANCY RATES OF KEY LUXURY STREETS,BY COUNTRY GROUP,END 2023Source:Cushman&Wakefield Research7

126、89106543210NUMBER OF STREETSNO VACANCY0-5%5-10%10-15%OTHER MARKETSFRANCE,ITALY&UKKEY LUXURY STREETS PRIME RENTAL GROWTH TO END 2023,BY COUNTRY GROUPSource:Cushman&Wakefield Research6%5%4%3%2%1%0%-1%-2%-3%-4%1 YEAR RENTAL GROWTH(AVERAGE)5 YEAR RENTAL GROWTH(AVERAGE)OTHER MARKETSALL KEY LUXURY

127、 STREETSFRANCE,ITALY&UKAverage prime rental growth in France,Italy and the UK was almost double that for other markets,particularly driven by strong growth in Italian markets.16 of the 20 key luxury streets in this report have less than 5%vacancy and 7 have no vacancy at all.AN N UAL PR I M E R

128、E TAI L R ENTAL G ROW TH O N K E Y LUXU RY S TR EE TS I N 2023LISBON Av da LiberdadePARISAvenue MontaigneAvenue des Champs-lysesRue du Faubourg St-HonorRue St-HonorLONDONNew Bond StreetSloane StreetSTOCKHOLM BiblioteksgatanBRUSSELS Boulevard de WaterlooGENEVA Rue du RhneROME Via CondottiMADRID Jos O

129、rtega y GassetMILAN Via MontenapoleoneBARCELONA Passeig de GrciaPRAGUE PaskMADRID SerranoDSSELDORF KnigsalleeAMSTERDAM PC HooftstraatMUNICH MaximilianstraeZRICH BahnhofstrasseCOPENHAGEN Strget34EUROPEAN LUXURY RETAIL REPORT 202433CUSHMAN&WAKEFIELDMAR K E TR E P O RTS0235CUSHMAN&WAKEFIELDPARI

130、S TOURIST VISITS AND SPENDING OVERNIGHT VISITS(MILLIONS)SPENDING(USD BILLION)0246800246802002120222023E2024FSource:Tourism EconomicsPARIS-INTERNATIONAL OVERNIGHT VISITS(LHS)PARIS-INBOUND VISITOR SPENDING(RHS)FRANCEPARISOVE RVI E WAs the global luxury capital,Paris ha

131、s recently seen a surge of activity across its major luxury streets.A total of 25 stores have opened on the citys four main luxury thoroughfares with both Rue St-Honor and Avenue Montaigne welcoming nine new openings each.The focus for brands across the luxury spectrum,20 openings in Pariss key luxu

132、ry streets were for fashion&accessories retailers including industry giants such as Saint Laurent,Dior and Valentino,but also included brands newly entering the French market including Palm Angels,Mackage and Zimmermann.2023 openings also showed how luxury brands are significantly upscaling thei

133、r store spaces:Bottega Veneta recently opened its new store at Avenue Montaigne 12,comprising 800 sqm over two floors.In June 2023,Alexander McQueen opened its largest global flagship store to date,totalling 1,555 sqm over two floors,on Rue St-Honor.And in December 2023,Saint Laurent opened its larg

134、est global flagship on Avenue des Champs-lyses.In November 2023,Panerai opened its new Casa Panerai on Avenue des Champs-lyses,creating its largest store in France and incorporating not only exclusive suites for highly personalised customer experience but also a brand museum showcasing its most hist

135、orical collection pieces.Luxury retailers are increasingly expanding into more lifestyle areas of their consumers and Paris is a key location for brands to innovate their offering.Dior,for instance,now offers branded spa experiences at two prestigious luxury hotels in Paris.Louis Vuitton has begun c

136、onstruction of its first-ever branded hotel on the Champs-lyses,which will also include a new Louis Vuitton store,effectively expanding the brands footprint on the world-famous street fivefold.24.4 B2023 LUXURY RETAIL SALES IN FRANCE+8.6%ON 202287.7 M2023 INTERNATIONAL TOURIST ARRIVALS IN FRANCE+13.

137、5%ON 2022Paris is also a key location for luxury brands to display bold creative expressions using their real estate.As well as incorporating brand exhibitions and museums within their spaces,retailers are also using the faades of their buildings to mount installations that reinforce their brands st

138、yle and aesthetics.In March 2023,Louis Vuitton partnered with acclaimed artist Yayoi Kusama to create huge statues of herself in the action of adorning store facades,including that of its flagship opposite the Pont Neuf.Other recent notable faade installations in Paris include Rabanne on Avenue Mont

139、aigne and Dior on Rue St-Honor.Paris continues to shine as a premier global location for luxury retail brands,galvanising its position amongst the most coveted luxury destinations in the world.As testament to this enduring attractiveness,vacancy rates along the citys four main luxury high streets re

140、main very low:at the end of 2023,Avenue Montaigne has no vacant spaces at all whilst Avenue des Champs-lyses,Rue St-Honor and Rue du Faubourg St-Honor all have less than 4%vacancy.Source:GlobalData,Tourism Economics38EUROPEAN LUXURY RETAIL REPORT 2024LUXURY STREETS PRIME HEADLINE RENTAL GROWTHDEC 20

141、18=DEC 23DEC 22DEC 21DEC 20DEC 19DEC 18Source:Cushman&Wakefield ResearchPARIS-AVENUE MONTAIGNEEUROPEAN HIGH STREETSEUROPEAN LUXURY STREETSPARIS-RUE ST-HONORPARIS-RUE DU FAUBOURG ST-HONORPARIS-AVENUE DES CHAMPS-LYSESPARIS AVENUE DES CHAMPS-LYSESPARIS RUE ST-HONORPARIS RUE DU

142、 FAUBOURG ST-HONORPARIS AVENUE MONTAIGNEComme des Garons Rue du Faubourg St-Honor,Paris In October 2023,Comme des Garons opened a new store,totalling 800 sqm over four floors,at 56 Rue du Faubourg St-Honor.The dramatic interior design by the brands creative director Rei Kawakubo holds true to the br

143、ands modernist aesthetic and incorporates graphic,architectural shapes in clean whites,silvers and a deep brilliant red.The brands womens,mens,childrens and beauty lines are offered over the basement,first and second floors but the top floor is reserved for exclusive lines from Junya Watanabe and Ju

144、nya Watanabe Man plus Beatles and Homme lines.In addition,the new Paris store is reportedly the only store in the world to offer Comme des Garons furniture;to honour the new opening,re-editions in the brands signature red have been released especially to stock in the store.K E Y STR E E TSMAR K E T

145、OVE RVI E W0-4%VACANCY RATE ON KEY STREETS,END 202325 STORESSTORE OPENINGS IN 2023Source:Cushman&Wakefield Research40EUROPEAN LUXURY RETAIL REPORT 202439CUSHMAN&WAKEFIELDMILAN&ROME TOURIST VISITS AND SPENDING OVERNIGHT VISITS(MILLIONS)SPENDING(USD BILLION)024680024681012141618

146、202002120222023E2024FSource:Tourism EconomicsMILAN-INTERNATIONAL OVERNIGHT VISITS(LHS)MILAN-INBOUND VISITOR SPENDING(RHS)ROME-INTERNATIONAL OVERNIGHT VISITS(LHS)ROME-INBOUND VISITOR SPENDING(RHS)ITALYMILANROMEOVE RVI E WMilans renowned Via Montenapoleone continued to prove an enduringly a

147、ttractive luxury location:six new luxury stores opened on the street in 2023.Notably,four of these establishments were launched by prestigious luxury watch brands,including IWC Schaffausen and Panerai.Major luxury fashion houses also made their mark in Italys fashion capital with Chanel and Gucci bo

148、th unveiling their new Milan flagship stores on Via Montenapoleone.Gucci reopened at Via Montenapoleone 7,having undergone meticulous renovation of its original store,which first opened in 1951.Arranged over two floors and totalling 1,800 sqm,the store includes two private lounges for customised exp

149、eriences.Romes Via Condotti has welcomed three new luxury stores in 2023.Notably,Italian luxury fashion brand Antonio Marras launched the its first flagship store in the Eternal City,following the brands new 80%ownership investment by the Calzedonia Group.Relocating from nearby Via Borgognona,Brunel

150、lo Cucinellis new flagship store represents a significant expansion of floorspace;its new store extends over four floors and,as well as carrying all the lines of its collections,includes areas dedicated to tailoring and made-to-measure ordering.The attractiveness of both cities to luxury shoppers al

151、so looks set to boosted by the opening of new luxury hotels.In Rome,Bulgari opened its latest hotel on Piazza Augusto Imperatore,a few streets from Via Condotti,in mid 2023 to global acclaim.Rosewood is also due to open new hotels in 2025 in Rome and in a new W Hotel is due to open in 2025,close to

152、Milans renowned Teatro alla Scala.27.7 B2023 LUXURY RETAIL SALES IN ITALY+19.4%ON 202255.4 M2023 INTERNATIONAL TOURIST ARRIVALS IN ITALY+14.4%ON 2022Both Via Montenapoleone and Via Condotti remain in-demand locations for luxury retail brand but opportunities for locating on the streets are constrain

153、ed as the vacancy rate on both streets at the end of 2023 was 0%.Further confirming the attractiveness of Italian luxury retail real estate is Kerings puchase of Via Montenapoleone 8-home to its Saint Laurent store as well as other brands-for approximately 1.3 billion.Acquired as part of Kerings ong

154、oing strategy to retain a stake in its prime assets in highly-desirable locations,this was the largest investment transaction in Europe since March 2022.Source:GlobalData,Tourism Economics42EUROPEAN LUXURY RETAIL REPORT 2024LUXURY STREETS PRIME HEADLINE RENTAL GROWTHDEC 2018=DE

155、C 23DEC 22DEC 21DEC 20DEC 19DEC 18MILAN-VIA MONTENAPOLEONEROME-VIA CONDOTTISource:Cushman&Wakefield ResearchEUROPEAN HIGH STREETSEUROPEAN LUXURY STREETSMILANVIA MONTENAPOLEONEROME VIA CONDOTTIIWC Schaffausen Via Montenapoleone,MilanIn October 2023,Swiss luxury watch brand IWC Schaffausen opened

156、its newly renovated boutique at Via Montenapoleone 21,Milan.Carrying the complete range of IWC product lines and collections,the store extends to 110 sqm and features a unique interior design,adopting the brands iconic black and white palette through a mix of materials.The new boutique offers custom

157、ers an immersive experience to explore the different collections including space for customers to preview the product information on large LED screens and a private lounge where IWC advisors offer a personalised purchasing experience.MAR K E T OVE RVI E W0%VACANCY RATE ON KEY STREETS,END 20239 STORE

158、SSTORE OPENINGS IN 2023Source:Cushman&Wakefield ResearchK E Y STR E E TS44EUROPEAN LUXURY RETAIL REPORT 202443CUSHMAN&WAKEFIELDLONDON TOURIST VISITS AND SPENDING OVERNIGHT VISITS(MILLIONS)SPENDING(USD BILLION)0246800246802002120222023E2024FSource:Tourism Econ

159、omicsLONDON-INTERNATIONAL OVERNIGHT VISITS(LHS)LONDON-INBOUND VISITOR SPENDING(RHS)UNITED KINGDOMLONDONOVE RVI E WActivity in 2023 on Londons Bond Street one of the largest luxury streets in Europe has been amongst the highest of the 20 streets profiled in this report.Bond Street has enjoyed eight o

160、penings,several of which are brands relocating to significantly upscaled stores,highlighting luxury retailers appetite for larger spaces.In September 2023,Gucci opened its new 1,500 sqm store at 144-146 New Bond Street,which sits towards the middle of the street,relocating from 34 Old Bond Street at

161、 the southern end.Guccis new flagship,along with several other openings in the middle section including Roberto Cavalli and Jil Sander,has driven interest from other luxury retailers with several major brands known to be looking at the area.Old Bond Street continues to particularly attractive high-e

162、nd jewellery and watch brands including Rolex,which has taken Guccis former store to create a 1,100 sqm three-floor London flagship,due to open in 2024.Vacancy on Bond Street as a whole is currently 8%but much of the space available is at the northern end of the street with prime pitch vacancy in th

163、e mid-street area at close to 0%.The consistently high demand for space has meant developers have conviction in bringing forward new space to create more opportunities for lettings.There are several developments that have recently been delivered or that have begun.Great Portland Estates Hanover rede

164、velopment,including nine retail units on New Bond Street,completed in 2022 and all have been let,with openings in 2023 including bridalwear specialist Pronovias and luxury watch brand Grand Seiko.On the corner of New Bond Street and Grafton Street,a newly developed flagship will be created which has

165、 been pre leased to Saint Laurent.20.5 B2023 LUXURY RETAIL SALES IN UNITED KINGDOM+4.0%ON 202236.6 M2023 INTERNATIONAL TOURIST ARRIVALS IN UNITED KINGDOM +21.5%ON 2022In addition to this and at the junction of New Bond Street and Brook Street,the Fenwick Department Store and former Victorias Secret

166、store are both being redeveloped to provide smaller flagship stores and enhanced office accommodation on the upper floors.On Sloane Street,leasing activity has been somewhat more muted:just three stores opened in 2023 and vacancy is currently 11%.This is part can be attributed to the fact that const

167、ruction work for the streets transformation is continuing,making navigating the area more challenging for shoppers.The extensive makeover,which started in January 2023 and is scheduled to complete by the end of the year,will include new pavement surfaces,planting schemes and custom-designed lighting

168、 and represent the most significant streetscape improvement since the streets opening in the 18th century.Much like the public realm improvement works on Bond Street in 2017-2019,when finished,this is likely to not only make the street more attractive to shoppers but will also energise retailer acti

169、vity.Upcoming openings include Saint Laurent relocation with Jessica McCormack having opened in early 2024.One of the trends that we have also seen on Sloane Street is the upsizing of existing stores such as Bottega Veneta who opened last year.Source:GlobalData,Tourism Economics46EUROPEAN LUXURY RET

170、AIL REPORT 2024LUXURY STREETS PRIME HEADLINE RENTAL GROWTHDEC 2018=DEC 23DEC 22DEC 21DEC 20DEC 19DEC 18LONDON-NEW BOND STREETLONDON-SLOANE STREETSource:Cushman&Wakefield ResearchEUROPEAN HIGH STREETSEUROPEAN LUXURY STREETSMoncler New Bond Street,London French luxury retaile

171、r Moncler is currently preparing their new store at 43-44 New Bond Street,relocating from 26 Old Bond Street near the southern end of the street.This relocation allows Moncler to more than double their floorspace on Bond Street to over 800 sqm.Due to open in the second half of 2024,the new store wil

172、l carry the brands full range of mens,womens and childrens collections in the one store.MAR K E T OVE RVI E W8-11%VACANCY RATE ON KEY STREETS,END 202311 STORESSTORE OPENINGS IN 2023LONDON NEW BOND STREETLONDON SLOANE STREET Source:Cushman&Wakefield ResearchK E Y STR E E TS48EUROPEAN LUXURY RETAI

173、L REPORT 202447CUSHMAN&WAKEFIELDMUNICH&DSSELDORF TOURIST VISITS AND SPENDING OVERNIGHT VISITS(MILLIONS)SPENDING(USD BILLION)0246800246802002120222023E2024FSource:Tourism EconomicsMUNICH-INTERNATIONAL OVERNIGHT VISITS(LHS)MUNICH-INBOUND VISITOR SPENDING(RHS)DS

174、SELDORF-INTERNATIONAL OVERNIGHT VISITS(LHS)DSSELDORF-INBOUND VISITOR SPENDING(RHS)GERMANYMUNICHDSSELDORFOVE RVI E WMunichs Maximilianstrae and Dsseldorfs Knigsallee are two of the key luxury destinations in Germany for both retailers and shoppers alike.Munichs Maximilianstrae precinct saw five new l

175、uxury stores opened in 2023,including several relocations to larger stores.Gucci relocated its Munich flagship store Maximilianstrae11 in Maximilianhfe in the heart of street.The new store spans nearly 800 sqm over two floors and offers the brands entire product collections as well as featuring Gucc

176、i-branded furniture in its exclusive spaces.The move follows property owner Pembrokes recent refurbishment works of Maximilianhfe to improve the propertys windows and sensitively refresh building faades.Also relocating to considerably larger premises was Stone Island;its new store on Perusastrae cov

177、ers 360 sqm over three floors and includes not only retail space for its full product range but also display space for new and historic iconic Stone Island pieces and an events space in the basement.In the key luxury section of Knigsallee on the eastern side of the street north of Steinstrae,there w

178、as just one store opening in 2023,namely the reopening of the newly refurbished Montblanc boutique at Knigsalle 22.Several new stores are being prepared to be opened including Louis Vuitton which is relocating to a larger store and Tiffany which is enlarging its store at Knigsalle 18 to the neighbou

179、ring unit.14.7 B2023 LUXURY RETAIL SALES IN GERMANY+6.6%ON 202231.7 M2023 INTERNATIONAL TOURIST ARRIVALS IN GERMANY+22.1%ON 2022Opportunities for luxury retailers to secure spaces on the two key streets are limited with vacancy rates for the key luxury areas at 2%for Maximilianstrae and 0%for Knigsa

180、llee.This constraint of supply has prompted developer activity on Knigsallee in particular.The Knigsallee is seeing several developments proposed to create new flagship store opportunities.A recent example of successful redevelopment,the K36 building on Knigsallee has already been delivered and reta

181、ilers Fendi and Moncler opened new stores in late 2022.Source:GlobalData,Tourism Economics50EUROPEAN LUXURY RETAIL REPORT 2024LUXURY STREETS PRIME HEADLINE RENTAL GROWTHDEC 2018=DEC 23DEC 22DEC 21DEC 20DEC 19DEC 18MUNICH-MAXIMILIANSTRAEDSSELDORF-KNIGSALLESource:Cushman&Wake

182、field ResearchEUROPEAN HIGH STREETSEUROPEAN LUXURY STREETSHerno Residenzstrae,MunichIn March 2024,Italian luxury fashion brand Herno opened its new Munich boutique at Residenzstrae 3 at the junction with Maximilianstrae.Housed within a neoclassical 19th-century building,the new store,covering 130 sq

183、m,has been elegantly designed incorporating the brands contemporary aesthetics with heritage features including its high ceilings and decorative arches.The internal perimeter of the store employs an innovative hanging strategy,utilising ash wood and leather hangers hung on a steel and plexiglas syst

184、em that runs through and connects the different areas of the store.A sophisticated lighting system completes the sensory experience,enhancing the store features,including brilliant whites and three different types of stone.The store carries both womens and mens collections,including its signature ou

185、terwear.MAR K E T OVE RVI E W0-2%VACANCY RATE ON KEY STREETS,END 20236 STORESSTORE OPENINGS IN 2023Source:Cushman&Wakefield ResearchMUNICHMAXIMILLIANSTRAEDSSELDORFKNIGSALLEEK E Y STR E E TS52EUROPEAN LUXURY RETAIL REPORT 202451CUSHMAN&WAKEFIELDBARCELONA&MADRID TOURIST VISITS AND SPENDING

186、 OVERNIGHT VISITS(MILLIONS)SPENDING(USD BILLION)0246800246802002120222023E2024FSource:Tourism EconomicsBARCELONA-INTERNATIONAL OVERNIGHT VISITS(LHS)BARCELONA-INBOUND VISITOR SPENDING(RHS)MADRID-INTERNATIONAL OVERNIGHT VISITS(LHS)MADRID-INBOUND VISITOR SPENDING(RHS)SP

187、AINBARCELONAMADRIDOVE RVI E WThe prestigious luxury precincts of Calle de Serrano and Calle de Jos Ortega y Gasset in Madrid and Passeig de Grcia in Barcelona saw particularly high levels of activity in 2023:in total,13 new store opened during the year.On Calle de Serrano and Calle de Jos Ortega y G

188、asset in Madrid,seven new stores opened in 2023 including new space for Moncler and Italian luxury fashion retailer Harmont&Blaine.Madrid looks set for another busy year in 2024 with retailers including Balenciaga and Fendi,opening stores this year.In Barcelona,the renowned Passeig de Grcia,has

189、also experienced a flurry of activity in 2023.Six new stores opened along the prestigious street this year.At Passeig de Grcia 81,Hermes inaugurated its new store having relocated from nearby;covering over 1,300 sqm over two floors,the new store offers both elegant,spacious shopping space as well as

190、 a private lounge on the first floor and a private garden and courtyard.Of particular interest is the redevelopment of Passeig de Grcia 111,which is poised to extend the traditional luxury enclave further north along this iconic thoroughfare.As well as creating the new luxury residential complex Man

191、darin Oriental Residences Barcelona space,Patek Philippe has recently agreed to let more than 400 sqm over two floors in the new development.7.1 B2023 LUXURY RETAIL SALES IN SPAIN+4.7%ON 202275.8 M2023 INTERNATIONAL TOURIST ARRIVALS IN SPAIN+15.8%ON 2022At the end of 2023,Passeig de Grcia had vacanc

192、y of just 2%.In Madrid,vacancy on Calle de Serrano and Calle de Ortega y Gasset was just 3%which creates challenges for retailers seeking opportunities in the capitals most prestigious streets.Source:GlobalData,Tourism Economics54EUROPEAN LUXURY RETAIL REPORT 2024LUXURY STREETS PRIME HEADLINE RENTAL

193、 GROWTHDEC 2018=DEC 23DEC 22DEC 21DEC 20DEC 19DEC 18MADRID-JOS ORTEGA Y GASSETSource:Cushman&Wakefield ResearchBARCELONA-PASSEIG DE GRCIAMADRID-SERRANOEUROPEAN HIGH STREETSEUROPEAN LUXURY STREETSPatek Philippe Passeig de Grcia,BarcelonaPatek Philippe is poised to unveil its

194、 inaugural flagship store in Barcelona on the prestigious Passeig de Grcia.Positioned on the ground floor of a recently redeveloped luxury residential complex,the esteemed Geneva brand will command a 460 square meter unit spanning two floors.The new store endeavours to serve as a distinguished showc

195、ase of Patek Philippes iconic luxury timepieces and rich heritage,spanning nearly a century.Situated at the crossroads of Passeig de Grcia and Avenida Diagonal.The location promises exceptional connectivity,further elevating the brands accessibility and prominence within the vibrant cityscape of Bar

196、celona,while simultaneously extending the traditional luxury precinct further along Passeig de Grcia.MAR K E T OVE RVI E W2-3%VACANCY RATE ON KEY STREETS,END 202313 STORESSTORE OPENINGS IN 2023Source:Cushman&Wakefield ResearchBARCELONAPASSEIG DE GRCIAMADRIDCALLE DE SERRANO AND CALLE DE JOS ORTEG

197、A Y GASSETK E Y STR E E TS56EUROPEAN LUXURY RETAIL REPORT 202455CUSHMAN&WAKEFIELDLISBON TOURIST VISITS AND SPENDING OVERNIGHT VISITS(MILLIONS)SPENDING(USD BILLION)0246800246802002120222023E2024FSource:Tourism EconomicsLISBON-INTERNATIONAL OVERNIGHT VISITS(LHS)LIS

198、BON-INBOUND VISITOR SPENDING(RHS)PORTUGALLISBONOVE RVI E WAvenida da Liberdade is the premier luxury precinct in Lisbon and in Portugal.The elegant tree-lined street features traditional Portuguese cobblestone calada pavements,green spaces,historical statues and heritage buildings.Luxury retailers h

199、ave increasingly invested in new stores on Avenida da Liberdade as growing local wealth as well as increasing tourist numbers have bolstered the attractiveness of Lisbon.Avenida da Liberdade also offers luxury visitors several of the citys most elegant restaurants and exclusive hotels,including the

200、five-star Tivoli Hotel as well as the Valverde Lisboa Hotel&Garden which has been awarded“Best Luxury Boutique Hotel in Europe”by the World Travel Awards for the past five consecutive years.Avenida da Liberdade saw new openings in 2023,one of which was the opening of Diors first store in Portuga

201、l.The sizable new flagship spans a total of 1,050 sqm over three floors in the Alegria One building on the corner with Praa da Alegria.As well as offering a wide range of Diors womens and mens collections,the store boasts art by local artist Joana Vasconcelos as well as a garden patio overlooking Pr

202、aa da Alegria square behind Avenida da Liberdade.Also opening in 2023 was Isabel Marant establishing its first store in Portugal.Within the key luxury precinct of the street,there is just a limited number of vacant units,resulting in a vacancy rate of just 2%.At the southern end of the street,there

203、are several vacant stores but this stretch of Avenida da Liberdade has of a more mixed nature in terms of retailer blend and real estate offering.0.9 B2023 LUXURY RETAIL SALES IN PORTUGAL+6.0%ON 202215.0 M2023 INTERNATIONAL TOURIST ARRIVALS IN PORTUGAL+24.5%ON 2022The continuing success of the stree

204、t is bolstered by the coordinated effort of key stakeholders.Established in 2011,the Associao Avenida da Liberdade is a business association that brings together stores,restaurants,hotels,concert halls and service providers active on and around Avenida da Liberdade.Its purpose is to act as a single

205、voice to promote the activities and offering in the area and encourage visitor engagement.Source:GlobalData,Tourism Economics58EUROPEAN LUXURY RETAIL REPORT 2024LUXURY STREETS PRIME HEADLINE RENTAL GROWTHDEC 2018=DEC 23DEC 22DEC 21DEC 20DEC 19DEC 18LISBON-AVENIDA DA LIBERDADESo

206、urce:Cushman&Wakefield ResearchEUROPEAN HIGH STREETSEUROPEAN LUXURY STREETSLISBONAVENIDA DA LIBERDADEIsabel Marant Avenida da Liberdade,LisbonIn October 2023,French luxury fashion brand Isabel Marant opened its first store in Portugal at 185 Avenida da Liberdade.Located next door to the five-sta

207、r Tivoli Hotel,the store extends to 200 sqm over two floors.On the ground floor,the store carries the main Isabel Marant collection as well as shoes and accessories and the first floor is home to the more casual Isabel Marant Etoile collection.The new stores interior design channels elegant modernit

208、y with dark terrazzo floors,ceiling cut-out features,pink cement counters and a stylish curving staircase connecting the two floors.MAR K E T OVE RVI E W2%VACANCY RATE ON KEY STREETS,END 20233 STORESSTORE OPENINGS IN 2023Source:Cushman&Wakefield ResearchK E Y STR E E TS60EUROPEAN LUXURY RETAIL R

209、EPORT 202459CUSHMAN&WAKEFIELDBRUSSELS TOURIST VISITS AND SPENDING OVERNIGHT VISITS(MILLIONS)SPENDING(USD BILLION)0246800246802002120222023E2024FSource:Tourism EconomicsBRUSSELS-INTERNATIONAL OVERNIGHT VISITS(LHS)BRUSSELS-INBOUND VISITOR SPENDING(RHS)BELGIUMBRUSSE

210、LSOVE RVI E WBelgiums premier luxury street is Boulevard de Waterloo in Brussels,located close to the charming Place du Grand Sablon,Palais Royal and Palais de Justice as well as the historic city centre.The key luxury area of the street is on the northern side and runs from Place Louise to Rue de N

211、amur at the eastern end of the street.The retail spaces are mostly within beautifully preserved heritage buildings with some limited modern developments towards the eastern end of the street.In 2023,Boulevard de Waterloo saw three luxury store openings including Saint Laurent opening its first Belgi

212、an flagship store at Boulevard de Waterloo 56.In September 2023,Cartier opened a new salon at Boulevard de Waterloo 26,relocating from its location at Boulevard de Waterloo 54 whilst it undergoes refurbishment.At Boulevard de Waterloo 30,French luxury skincare brand Biologic Recherche opened its fir

213、st Ambassade,a sumptuous day spa offering personalised skincare consultations and treatments in elegant suites over several floors.Recent developments on the street have created new opportunities for retailers to secure space in this key luxury area.Stephano Immos renovation of Boulevard de Waterloo

214、 30 created a new,modern retail interior of more than 700 sqm and reoriented the elegant faade to create a larger feature window.Following completion in 2021,Balenciaga agreed to lease the new space and opened its new flagship store in mid-2022.Currently the former BMW Brand Centre at Boulevard de W

215、aterloo 22-25 is undergoing transformation and will offer brands opportunities in Belgiums premier luxury precinct in an environment of constraint:at the end of 2023,vacancy on Boulevard de Waterloo stood at just 4%.1.4 B2023 LUXURY RETAIL SALES IN BELGIUM+4.3%ON 20229.1 M2023 INTERNATIONAL TOURIST

216、ARRIVALS IN BELGIUM+14.0%ON 2022Another positive development for Boulevard de Waterloo and its surrounds is the improvements to the quality of the public space in the area that should take place in the coming years.The plans centre around creating city promenades along the Boulevard de Waterloo and

217、its counterpart on the southern side of the road,Avenue de la Toison dOr,including pedestrianised areas and cycle lanes,greening the area through more tree planting and installing new lighting.The improvements are designed to generate greater community engagement with the area as well as enhance the

218、 commercial success for businesses on the street.Source:GlobalData,Tourism Economics62EUROPEAN LUXURY RETAIL REPORT 2024LUXURY STREETS PRIME HEADLINE RENTAL GROWTHDEC 2018=DEC 23DEC 22DEC 21DEC 20DEC 19DEC 18BRUSSELS-BOULEVARD DE WATERLOOSource:Cushman&Wakefield ResearchEUR

219、OPEAN HIGH STREETSEUROPEAN LUXURY STREETSSaint Laurent Boulevard de Waterloo,BrusselsIn May 2023,Saint Laurent opened its first store in Belgium at 56 Boulevard de Waterloo in Brussels.The store has been designed by the brands artistic director Anthony Vaccarello,for whom the realisation of his visi

220、on for this store takes special relevance as Brussels is his hometown.Design features include floating displays of marble,black glass and rough exposed plaster with accents of bold orange and deep blue.The store carries the brands mens,womens,accessories and footwear collections and features a plant

221、ed patio within the store on the ground floor.There is also a private VIP area on the first floor,on which there is a display of vintage furniture especially selected for the store.MAR K E T OVE RVI E W4%VACANCY RATE ON KEY STREETS,END 20233 STORESSTORE OPENINGS IN 2023Source:Cushman&Wakefield R

222、esearchBRUSSELSBOULEVARD DE WATERLOOK E Y STR E E TS64EUROPEAN LUXURY RETAIL REPORT 202463CUSHMAN&WAKEFIELDAMSTERDAM TOURIST VISITS AND SPENDINGOVERNIGHT VISITS(MILLIONS)SPENDING(USD BILLION)0246800246802002120222023E2024FSource:Tourism EconomicsAMSTERDAM-INTERNA

223、TIONAL OVERNIGHT VISITS(LHS)AMSTERDAM-INBOUND VISITOR SPENDING(RHS)THE NETHERLANDSAMSTERDAMOVE RVI E WThe key luxury street of Pieter Cornelisz(PC)Hooftstraat in Amsterdam has seen a particularly busy year in 2023,both in terms of store openings and new development.A total of 17 stores were opened i

224、n 2023,the highest number of all 20 streets profiled in this report.Major fashion brands have been particularly active on the street with key openings including Max Mara,Polo Ralph Lauren,Moncler and Fendi as well as Louis Vuitton and Saint Laurent both opening new larger stores in corner units with

225、 double frontages.Luxury watch brands have also been busy with Tag Heuer,IWC Schaffhausen,Officine Panerai and Swatch all opening new stores in 2023.The street look set for another busy year in 2024 with retailers including Dolce&Gabbana,Loro Piana,Bottega Veneta and Celine opening stores this y

226、ear.Developers have also been active on PC Hooftstraat.As well as delivering the many openings in 2023 and those due in 2024,there are currently several units under development for new commitments,including PC Hooftstraat 43,adjacent to the ornated decorated PC Hooftstraat 45 which is also available

227、.At the eastern end of the street,Dutch property company Group Aaron is currently under construction on a major new scheme offering more than 600 sqm of retail space as well as office space on upper floors and outdoor space for both retail and office users.Due to complete in Q3 2024,this modern deve

228、lopment adds new capacity to PC Hooftstraat where the vacancy rate is just 5%-and the opportunity to extend retailer activity in the eastern end of the street.4.0 B2023 LUXURY RETAIL SALES IN THE NETHERLANDS+4.9%ON 202218.0 M2023 INTERNATIONAL TOURIST ARRIVALS IN THE NETHERLANDS+28.9%ON 2022In anoth

229、er boost to this key luxury precinct,a new luxury hotel is due to open nearby in 2024.Rosewood Hotels is nearing completion of its conversion of the 16th century former Palace of Justice on Prinsengracht.The much-anticipated new hotel will be Rosewoods first property in the Netherlands and will offe

230、r 134 guestrooms and suites,three restaurants and bars,a spa,fitness centre and indoor swimming pool and event spaces.Source:GlobalData,Tourism Economics66EUROPEAN LUXURY RETAIL REPORT 2024LUXURY STREETS PRIME HEADLINE RENTAL GROWTHDEC 2018=DEC 23DEC 22DEC 21DEC 20DEC 19DEC 18A

231、MSTERDAM-PC HOOFTSTRAATSource:Cushman&Wakefield ResearchEUROPEAN HIGH STREETSEUROPEAN LUXURY STREETSFendi PC Hooftstraat,AmsterdamIn October 2023,Italian luxury fashion brand Fendi opened its new store at PC Hooftstraat 62-64,relocating across the street and more than doubling its store size to

232、more than 500 sqm over three floors.The distinctive faade of the store combines traditional red bricks with reflective mirror bricks,anchored by a stainless steel plinth.Inside,the faades palette is reflected in the use of similar red and mirror bricks.The ground floor houses the womens shoe and acc

233、essories collection whilst the basement is home to menswear.The expansive first floor,offering the womenswear collections,can be divided into two exclusive areas with elegant seating and fitting rooms as well as two balconies.AMSTERDAM PC HOOFTSTRAATMAR K E T OVE RVI E W5%VACANCY RATE ON KEY STREETS

234、,END 202317 STORESSTORE OPENINGS IN 2023Source:Cushman&Wakefield ResearchK E Y STR E E TS68EUROPEAN LUXURY RETAIL REPORT 202467CUSHMAN&WAKEFIELDPRAGUE TOURIST VISITS AND SPENDING OVERNIGHT VISITS(MILLIONS)SPENDING(USD BILLION)0246800246802002120222023E2024FSo

235、urce:Tourism EconomicsPRAGUE-INTERNATIONAL OVERNIGHT VISITS(LHS)PRAGUE-INBOUND VISITOR SPENDING(RHS)CZECH REPUBLICPRAGUEOVE RVI E WPask Street in Prague has long been a key location for luxury brands positioning themselves in Central and Eastern Europe.The elegant tree-lined boulevard presents retai

236、lers with more than 20,000 sqm of luxury retail space in more than 50 stores in an attractive yet compact setting and the street has attracted a wide range of luxury brands.In 2023,Pask saw five new luxury store openings,with most activity focused at the northern end of the street near the Vltava Ri

237、ver.At Pask 26,Polo Ralph Lauren unveiled its new flagship store,making it the brands first store in the Czech Republic.On the opposite side of the street,Jimmy Choo relocated its Czech flagship store northward at Pask 21,created an elegant boutique carrying its range of shoes and accessories after

238、a years absence from Prague.Also in the northern area of the Pask precinct,luxury watch retailer Rado and French luxury ready-to-wear brand Zadig&Voltaire opened new stores on irok near the intersection with the main artery of Pask.Similarly Italian winter clothing brand MooRER opened its new st

239、ore in Maiselova Street.At the end of 2023,Pask has no vacant space,reflecting the level of demand for space in this key luxury precinct.This constraint in supply and high levels of retailer interest in the street have led to new development being brought forward which will create fresh opportunitie

240、s for retailers seeking space in this sought-after luxury area.0.7 B2023 LUXURY RETAIL SALES IN CZECH REPUBLIC+8.1%ON 202212.2 M2023 INTERNATIONAL TOURIST ARRIVALS IN CZECH REPUBLIC+34.8%ON 2022The former InterContinental hotel is being transformed into the new five-star Fairmont Golden Prague.As we

241、ll as the hotel,the development will add six new retail units,totalling nearly 2,400 sqm,as well as a beautiful new open space at Milo Forman Square as part of the Staromstsk brna(Old Town Gate)urban project.In addition,opposite the Fairmont Golden Prague,Kaprain Real Estates Pask 25 development wil

242、l deliver almost 1,000 sqm of luxury flagship retail space.Both projects are expected to be completed in 2024.The confluence of high demand and elevated developer interest firmly cements Parizskas status as a pre-eminent luxury destination in the Czech Republic and Central and Eastern Europe.Source:

243、GlobalData,Tourism Economics70EUROPEAN LUXURY RETAIL REPORT 2024LUXURY STREETS PRIME HEADLINE RENTAL GROWTHDEC 2018=DEC 23DEC 22DEC 21DEC 20DEC 19DEC 18PRAGUE-PASKSource:Cushman&Wakefield ResearchEUROPEAN HIGH STREETSEUROPEAN LUXURY STREETSPRAGUEPASKFairmont Golden Prague,P

244、ask,PragueAt the northern end of Pask where it meets the Vltava River,hotel operator Fairmont,with backing from the R2G family investment office,is developing a new five-star luxury hotel,the Fairmont Golden Prague,on the site of the former InterContinental.The elegant new hotel will offer 297 luxur

245、ious rooms and suites with views across the river,an extensive Fairmont Spa with indoor and outdoor pool,three restaurants,three bars and a 600-guest ballroom.In addition,up to six new retail units totalling 2,400 sqm including two new standalone flagship store opportunities“Concept Store”and“The Pa

246、villion”will create much needed retail space in the highly-sought Pask precinct.MAR K E T OVE RVI E W0%VACANCY RATE ON KEY STREETS,END 20235 STORESSTORE OPENINGS IN 2023Source:Cushman&Wakefield ResearchK E Y STR E E TS72EUROPEAN LUXURY RETAIL REPORT 202471CUSHMAN&WAKEFIELDZRICH&GENEVA TO

247、URIST VISITS AND SPENDING OVERNIGHT VISITS(MILLIONS)SPENDING(USD BILLION)0246800246802002120222023E2024FSource:Tourism EconomicsZRICH-INTERNATIONAL OVERNIGHT VISITS(LHS)ZRICH-INBOUND VISITOR SPENDING(RHS)GENEVA-INTERNATIONAL OVERNIGHT VISITS(LHS)GENEVA-INBOUND VISITO

248、R SPENDING(RHS)SWITZERLANDZRICHGENEVAOVE RVI E WIn 2023,the luxury streets of Zrich and Geneva saw eight new store openings,underscoring the allure of the Swiss market to luxury brands.Zrichs Banhhofstrasse,the premier luxury street in Switzerlands largest city,was the location of five of these open

249、ings.Notably,US carmaker Cadillac inaugurated its first European Cadillac City experience centre at Bahnhofstrasse 75-79,showcasing its all-electric vehicle line which launches in Europe in 2024.At Bahnhofstrasse 32,Moncler opened its new Zrich flagship in May 2023,relocating to a larger store of 40

250、0 sqm over two floors and incorporating a private patio on the ground floor.Speaking to the confidence of the streets allure,Bahnhofstrasse saw the delivery of a significant redevelopment project in 2023:Swiss Life Brannhof.This project involved the extensive restoration of an early 20th century bui

251、lding on at 75-79 Banhhofstrasse,adding nearly 5,000 sqm of retail space to this prestigious street,all of which has been let along with all the office space.Genevas esteemed Rue du Rhne saw three luxury stores open in 2023.Notably,Othmane Khoris,the acclaimed Swiss Pastry Chef of the Year,unveiled

252、his elegant new patisserie on this prestigious thoroughfare,offering both exquisite desserts and captivating views of the River Rhne.5.4 B2023 LUXURY RETAIL SALES IN SWITZERLAND+19.4%ON 20229.4 M2023 INTERNATIONAL TOURIST ARRIVALS IN SWITZERLAND+26.3%ON 2022A key destination for luxury shoppers,Swit

253、zerlands key luxury streets are in demand for retailers.As a result,Banhhofstrasse has a vacancy rate of 0%at the end of 2023 whilst on Rue du Rhne,vacancy is just 2%.Source:GlobalData,Tourism Economics74EUROPEAN LUXURY RETAIL REPORT 2024LUXURY STREETS PRIME HEADLINE RENTAL GROWTHDEC 2018=1008090100

254、0DEC 23DEC 22DEC 21DEC 20DEC 19DEC 18Source:Cushman&Wakefield ResearchGENEVA-RUE DU RHNEEUROPEAN HIGH STREETSEUROPEAN LUXURY STREETSZRICH-BAHNHOFSTRASSEZRICHBAHNHOFSTRASSEGENEVARUE DU RHNECadillac Bahnhofstrasse,ZrichCadillac opened its first all-electric vehicle showroom in Europe,si

255、tuated on Bahnhofstrasse in Zrich.This landmark venture coincides with the brands introduction of its new EV line-up across the continent.Committed to fostering an immersive environment,Cadillac aims to provide a platform where customers can engage with its cutting-edge designs.Furthermore,the new e

256、stablishment seeks to become an educational hub offering informative resources to enhance understanding of the EV technology.Embracing a holistic approach to customer experience,Cadillac prioritizes inclusivity by incorporating amenities such as a dedicated play lab for children,a chic caf,and a col

257、laborative workspace,thereby fostering a welcoming ambiance conducive to family engagement and professional discourse alike.MAR K E T OVE RVI E W0-2%VACANCY RATE ON KEY STREETS,END 20238 STORESSTORE OPENINGS IN 2023Source:Cushman&Wakefield ResearchK E Y STR E E TS76EUROPEAN LUXURY RETAIL REPORT

258、202475CUSHMAN&WAKEFIELDSTOCKHOLM TOURIST VISITS AND SPENDING OVERNIGHT VISITS(MILLIONS)SPENDING(USD BILLION)0246800246802002120222023E2024FSource:Tourism EconomicsSTOCKHOLM-INTERNATIONAL OVERNIGHT VISITS(LHS)STOCKHOLM-INBOUND VISITOR SPENDING(RHS)SWEDEN STOCKHOLM

259、OVE RVI E WBibliotekstan,situated in the heart of Stockholm,is the citys key luxury precinct.With Birger Jarlsgatan and Norrlandsgatan to the east and west,and Stureplan and Norrmalmstorg to the north and south,this exclusive area hosts an array of high-end brands.From flagship stores on the elegant

260、 Birger Jarlsgatan to the prestigious jewelry and watch boutiques lining Biblioteksgatan in the very heart of the precinct,Bibliotekstan is a key destination for luxury shoppers in the Nordics.Bibliotekstan witnessed significant developments in 2023.Having suffered devastating damage in a fire in 20

261、17,Vildmannen 7,located at the heart of the precinct at the corner of Biblioteksgatan and Jakobsbergsgatan,was extensively restored and rebuilt by Swedish property company Hufvudstaden and reopened in August 2023.The sandstone faade of the historically significant 19th-century building has been pres

262、erved whilst a new building behind it offers new office retail and apartment spaces.One of these retail units has occupied by Chanel Fragrance and Beauty Boutique which opened its new 100 sqm store in the restored buildings corner unit in late 2023.Also in 2023,Panerai inaugurated its new store furt

263、her south along Biblioteksgatan,while Stone Island relocated its Stockholm flagship store to Norrmalmstorg.Meanwhile,Prada unveiled its new Uomo menswear store,nearby its existing womenswear boutique on Birger Jarlsgatan,bringing the tally of new luxury openings in 2023 to four.At the end of 2023,Bi

264、bliotekstan boasted full occupancy,underscoring the precincts allure and robust standing within Stockholm.1.0 B2023 LUXURY RETAIL SALES IN SWEDEN-3.7%ON 2022*12.9 M2023 INTERNATIONAL TOURIST ARRIVALS IN SWEDEN+14.2%ON 2022The expansion of Stockholms luxury precinct is imminent with the ongoing Sture

265、kvarteret redevelopment project,positioned just north of Bibliotekstan.Anticipated to reach completion around 2027,this substantial undertaking will introduce approximately 20,000 square meters of premier retail space.Initial phases of the project have been successfully completed,with further milest

266、ones slated for delivery in 2024.Source:GlobalData,Tourism Economics*This fall in luxury retail sales is due to depreciation of SEK against EUR.In SEK,luxury retail sales grew by+3.7%between 2022 and 2023.78EUROPEAN LUXURY RETAIL REPORT 2024LUXURY STREETS PRIME HEADLINE RENTAL GROWTHDEC 2018=1008090

267、0140DEC 23DEC 22DEC 21DEC 20DEC 19DEC 18STOCKHOLM-BIBLIOTEKSGATANSource:Cushman&Wakefield ResearchEUROPEAN HIGH STREETSEUROPEAN LUXURY STREETSChanel Fragrance and Beauty Boutique Biblioteksgatan,StockholmChanel Fragrance and Beauty Boutique has inaugurated a new store on Biblioteksgat

268、an in Stockholm,relocating from its former location on Mster Samuelsgatan.Situated within the distinguished Vildmannen 7,a landmark property meticulously restored after a fire in 2017,the new boutique occupies a prominent corner unit spanning approximately 100 sqm.The painstakingly renovated facade

269、now showcases its original ornate design from the late 19th century,offering a captivating allure to passers-by.Boasting expansive storefront windows,the boutique ensures exceptional visibility.With a commitment to delivering a luxurious client experience,Chanels presence at the heart of Bibliotekst

270、an enriches the retail landscape,further solidifying the areas reputation as a prime luxury destination in Stockholm.MAR K E T OVE RVI E W0%VACANCY RATE ON KEY STREETS,END 20234 STORESSTORE OPENINGS IN 2023Source:Cushman&Wakefield ResearchK E Y STR E E TSSTOCKHOLMBIBLIOTEKSTAN80EUROPEAN LUXURY R

271、ETAIL REPORT 202479CUSHMAN&WAKEFIELDCOPENHAGEN TOURIST VISITS AND SPENDING OVERNIGHT VISITS(MILLIONS)SPENDING(USD BILLION)0246800246802002120222023E2024FSource:Tourism EconomicsCOPENHAGEN-INTERNATIONAL OVERNIGHT VISITS(LHS)COPENHAGEN-INBOUND VISITOR SPENDING(RHS)

272、DENMARKCOPENHAGENOVE RVI E WDenmarks premier luxury precinct is on the pedestrianised Strget,particularly at the eastern stergade section of the street,between Kongens Nytorv to Amargertorv.The luxury departmentstore Illum,which carries brands across the luxury spectrum,acts as an anchor;its fashion

273、 and accessories store with multiple frontages on the corner of Strget and Kbmagergade has windows dedicated to brands such as Balenciaga,Dior and Chanel.In recent years,the retail area near Amargertorv,the popular square with its famous Storkespringvandet fountain,has been seen significant activity

274、 with Louis Vuitton having opened a dedicated store in 2012 followed by Prada and the rejuvenation of Illums facade in 2016.Louis Vuitton is in the process of creating a new larger store on the square with other luxury retailers expected to open new spaces in 2024.Watch brands have been particularly

275、 active on Strget with Watches of Switzerland opening its first monobrand boutiques in Denmark for its Omega and Breitling brands in 2022.In 2023,Swatch returned to Denmark opening a new store at stergade 15.At the eastern end of the street,Patek Philippe is due to open a new standalone store at ste

276、rgade 8 in 2024.1.0 B2023 LUXURY RETAIL SALES IN DENMARK+4.7%ON 202212.9 M2023 INTERNATIONAL TOURIST ARRIVALS IN DENMARK+11.4%ON 2022Other store openings on Strget in 2023 include British luxury brand Burberry opening its new Danish flagship store which offers all its womens,mens and childrens colle

277、ctions in a larger space.Swedish luxe sportswear brand J.Lindeberg also opened its new flagship at stergade 21,incorporating bold modern design elements from the brands creative director as well as new technology including 3D screens and innovative lighting.Vacancy in Strgets luxury precinct is 11%,

278、amongst the highest of the key streets featured in this report,but this reflects relatively few stores,even fewer of significant size.Availability is distributed across the stergade-Kbmagergade section of Strget,presenting opportunities for retailers at different points across the precinct.Source:Gl

279、obalData,Tourism Economics82EUROPEAN LUXURY RETAIL REPORT 2024LUXURY STREETS PRIME HEADLINE RENTAL GROWTHDEC 2018=DEC 23DEC 22DEC 21DEC 20DEC 19DEC 18COPENHAGEN-STRGETSource:Cushman&Wakefield ResearchEUROPEAN HIGH STREETSEUROPEAN LUXURY STREETSLouis Vuitton Strget,Copenhage

280、nFrench luxury fashion house Louis Vuitton is in the process of creating a new flagship store at stergard 61 on the eastern side of Amagertorv,one of Copenhagens iconic pedestrian squares.Located opposite its existing store where it has been for over a decade,Louis Vuittons new store will be located

281、 in the art nouveau building Hjbrohus in the high-profile space previously occupied by Caf Norden.The new store,which extends to more than 900 sqm over three floors,is expected to open in 2024.COPENHAGENSTRGETMAR K E T OVE RVI E W11%VACANCY RATE ON KEY STREETS,END 20233 STORESSTORE OPENINGS IN 2023S

282、ource:Cushman&Wakefield ResearchK E Y STR E E TS84EUROPEAN LUXURY RETAIL REPORT 202483CUSHMAN&WAKEFIELDCUS H MAN&WAK E FI E LD LUXU RY TE AM0385CUSHMAN&WAKEFIELDC&W EU RO PE AN ALL R E TAI L TR AN SAC TIO N S 202 1-202 3OVER6000LUXU RY R E TAI L TR AN SAC TIO N SOVER160TOTAL LUXU

283、 RY B R AN DSOVER90TAK E-U P BY LUXU RY R E TAI LERSMORE THAN 60,000 SQMCUS H MAN&WAK E FI E LD LUXU RY TE AM FRANCEVINCENT ASCHER ANTOINE MILLAN GERMANYANDREAS SIEBERT YVONNE COURT AMANDA VISSIA NETHERLANDSJEAN-MARIE MULKENS CZECH REPUBLICJAN KOTRBCEK SWITZERLAND SWEDEN DENMARKYVONNE COURT BEN

284、BINNS ITALYTHOMAS CASOLO AMANDA VISSIA SPAINROBERT TRAVERS PORTUGALMARIA JOS ALMEIDA JOO ESTEVES BELGIUMJONATHAN DELGUSTE UKDUNCAN GILLIARD NATALIE LINTOTT PETER MACE 88EUROPEAN LUXURY RETAIL REPORT 202487CUSHMAN&WAKEFIELDABOUT CUSHMAN&WAKEFIELDCushman&Wakefield(NYSE:CWK)is a leading glo

285、bal commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries.In 2023,the firm reported revenue of$9.5 billion across its core services of property,facilities and project management,leasing,capital markets,and va

286、luation and other services.It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity,Equity and Inclusion(DEI),sustainability and more.For additional information,visit .Copyright 2024 Cushman&Wakefield.All rights reserved.The information

287、contained within this report is gathered from multiple sources considered to be reliable.The information may contain errors or omissions and is presented without any warranty or representations to its accuracy.With thanks to our affiliate partners in Switzerland and Denmark,and retail partner in Sweden.ROBERT TRAVERSHead of EMEA RSALLY BRUERHead of EMEA Retail RMICHAL TOPOROWSKIAssociate,EMEA Retail RE U R O P E A NR E P O R T 2 0 2 4RET AILLUXU RY