Savills publish luxury outlook report
Savills publish Global Luxury Retail 2024 Outlook
Reading Time:
1 min {{readingTime}} mins
Savills have published their annual report on luxury, and although there is a focus on real estate, the report looks at the global marketplace and the luxury market dynamics within it...
"And while there are headwinds facing the global luxury retail market, these will likely prove cyclical, reflecting a normalisation in spend. Perspective is needed as there has been no material change to the fundamentals driving luxury spend; forecasts still point to average annual growth of between 4% to 8% by 2030 (Bain & Company). Likewise, store expansion slowed last year on the back of a sharp acceleration post-pandemic. However, this was not universal across all markets."
"On the street, the “turf war environment” between the luxury powerhouses of LVMH, Kering and Richemont in Toronto and Vancouver, drove the rents up and fuelled an expansion of the luxury zones from their traditional boundaries. New flagship openings in 2023 on the prime block of Bloor Street included Ferragamo, Rolex, Van Cleef & Arpels, and Alexander Wang. This has continued into 2024 with the recent opening of Saint Laurent’s 10,000 sq ft store, soon to be followed by Loro Piana’s first Canadian store. Most notably, Tiffany’s signed a lease to relocate their Canadian flagship to arguably the most important retail corner in Canada: Bloor Street and Bay Street. Construction is slated to commence in May 2024, with a scheduled opening in winter 2025."
Read the Savills overview on luxury here
Read the full report here
Author:
Published:
