Pearl & Coutts: Retailers Seek Space Off The Beaten Track

May 9, 2013 - PRLog -- Purveyors of luxury products in particular are stepping back from prestigious central London streets such as New Bond Street, Old Bond Street and Sloane Street in search of more cost-effective locations to set up shop.

According to leading London commercial property agents Pearl and Coutts, “London can only benefit when retailers open up shops in new locations, with a  lots of retailers seeking to gain a presence in local ‘cut-throughs’ and non prime locations,” said a spokesperson for the company. “This means that new retail locations are springing into life as passers-by don’t just walk past, they’re now lingering to see what’s on offer.

“London remains a top global shopping destination so if this expansion into the side-streets really takes hold then everyone will benefit – from the customers to the retailers opening new stores, right up to the commercial landlords and property agents.”

According to BNP Paribas Real Estate, London is expected to be a key beneficiary of the growth in the global luxury market (+57% to $499.3bn by 2015). This is largely due to high-spending shoppers from the Middle East, Russia and China, who make up well over one-third of all overseas transactions in central London.

“You would think that in a time of austerity luxury brands would struggle however nothing could be further from the truth,” added Pearl and Coutts. “Affluent customers from overseas love to shop in London which is great news for the city’s retail industry. The fact that retailers are looking for alternative and additional shop space should be seen as a positive, as it indicates how the sector is diversifying and shifting its focus in order to meet the increased demand for luxury products.

“If this also means that once empty units are now home to enticing, visually appealing stores then the area itself along with nearby businesses will get a real lift.”

This movement towards higher quality – most notably in fashion – is considerable, with luxury retailers now making up almost 80% of Bond Street and 70% of Knightsbridge stores. Likewise, Regent Street and Covent Garden have seen an increase in the presence of luxury brands.

To view Pearl and Coutts’ current selection of available retail space, please visit their website: http://www.pearl-coutts.co.uk