London maintained its position as the most popular city in the world for international retailers to operate in last year, yet it must work hard to retain the top spot as other territories and ways of expanding attract retailers, according to a CB Richard Ellis report.
The property agent’s ‘How Global is the Business of Retail?’ report revealed that 56% of major international retailers surveyed operate stores in London. It shares the top position with Dubai. Birmingham, Manchester and Bristol also feature in the top 10.
“London’s pre-eminence may well be challenged in the future”
Peter Gold, head of EMEA cross border retail at CBRE
But Peter Gold, head of EMEA cross border retail at CBRE, cautioned that London may find it hard to hang on to the top spot as international retailers are becoming “very broad minded” about where they open stores, and are looking further afield than just the capital.
“London’s pre-eminence may well be challenged in the future,” said Gold. He also added that overseas retailers are increasingly opting to enter international markets via online rather than stores.
“Ecommerce is a very credible way of entering an international marketplace,” he said.
The UK remained the world’s most international retail market for the fourth year running, with 58% of all international retail brands operating stores here. United Arab Emirates came second with 54%.