London played host to more luxury store openings than any other global city in 2016, according to a new ranking.
In all, 41 new shops, such as French brand Moncler’s new Bond Street flagship, opened in London last year.
Savills’ Global Luxury Report found that London topped cities such as Paris, with 36, and New York and Dubai, with 31 apiece.
While the post-Brexit weak pound has seen affluent tourists flock to the UK in search of bargains, this surge is part of a wider trend.
According to the Office for National Statistics, Chinese and Hong Kong tourist numbers rose by nearly 70% between 2011 and 2015.
Despite luxury businesses benefiting from the weak pound and ensuing tourism, they face major headaches such as the rise in business rates.
London businesses face paying another £4bn in rates over the next five years under the upcoming rates revaluation. Some luxury retailers, such as diamond seller De Beers, have mooted that they may choose to leave the capital should the rise go ahead.
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