As Europe’s luxury market continues on its path of recovery, store openings saw an increase of 77 percent across the continent last year, as stated in a report by Savills.
The increase comes as international visitors return to the region, bolstering its share in the global luxury sector by 23 percent, ranking it second behind China and ahead of North America.
These figures were outlined in Savills Global Luxury Report, which found that there was an 11 percent increase in new luxury store openings throughout 2022, with China accounting for 41 percent of all new openings.
Despite this, there had been a decrease in percentage compared to 2021 in China, likely influenced by the impact of extreme lockdowns across the country.
Meanwhile, the Middle East also welcomed an uptick in luxury openings, seeing a 125 percent increase than 2021, continuing on from a trend Savills noted during the pandemic where brands looked to refocus towards the relatively underserved affluent market.
In a release for the report, Anthony Selwyn, co-head of prime global retail at Savills, comments: “ A relatively fast recovery in luxury spend in the region, helped in part by the return of international visitors, has no doubt helped move Europe back up the agenda for expanding luxury brands.
“Likewise, a rebasing of rents on a number of key luxury streets, combined with improved availability in some cases, has bolstered leasing activity further.”