Major upcoming luxury store openings in London
According to a report by BNP Paribas Real Estate report, London is set to see a major increase in real estate pricing in the next period, following growing interest by major international luxury brands. A member of Gucci Group, Alexander McQueen recently agreed to open a 4,500 sq ft store at Dover Street on a 15 year lease. Italian luxury brand Fendi is scheduled to open a flagship store and European headquarters in London in the building previously occupied by Mallet Antiques.
BNP Paribas Real Estate’s findings suggest that the surrounding streets adjacent to the prestigious affluent locations demonstrate the most potential for growth. Albermarle Street and Dover Street, located next to Old Bond Street, could be asset managed to create a shopping district for luxury fashion. The new spin off brands such as Burberry Brit, Hugo Boss Orange and Ralph Lauren Rugby could provide demand for these areas which would create a critical mass of diffusion ranges leading to a new hub for luxury fashion.