REAL ESTATE

Study: London top target for international retailers; North American retailers continue to expand aggressively

BY Marianne Wilson

New York — London has reclaimed the number one position as the most targeted market for international retailers, according to a survey by global property adviser CBRE. It was followed by Dubai, New York City, Moscow and Paris.

CBRE’s annual survey — now in its fifth year — mapped the global footprint of 326 of the world’s top retailers across more than 200 cities to identify trends in global retail expansion at national and local levels. The report, “How Global is the Business of Retail?,” found that retailers expanded into a wide range of markets in 2011, with 74% of the countries in the survey seeing at least one new retailer enter the market last year. The overall global footprint of retailers grew 2.1%, similar to the previous year, demonstrating that retailers continue to grow their cross-border businesses in spite of a challenging consumer environment.

Attracting more than half (55.6%) of all international retail brands surveyed, London reclaims the outright number one position after sharing top spot with Dubai last year. London benefited from a mini-boom in 2011 as tourist spending boosted a relatively robust local economy, and remains a key hub for retailers looking to expand into Europe. The United Kingdom also retains number one position as the most penetrated global country with 56.7% of retailers in the survey present there.

“London is generally the first port of call for global retailers, but once they have established a presence in the capital, they are willing to extend their reach into other major U.K. cities, as well as major regional shopping centres such as Trafford Park, Meadowhall and Bluewater.” Peter Gold, head of EMEA Cross Border Retail, CBRE

Dubai (53.8%) dropped into second position due to a handful of retailers exiting the market. New York (43.9%) remains in third position, while Moscow (43.2%) moves up the rankings following a number of new market entrants in 2011 to join Paris (43.2%) in fourth position ahead of Hong Kong (40.5%). Kuwait City (39.5%) is another big mover, rising to eighth position from 12th place last year.

North American retailers are by far the most global with 73% present in all three regions (Europe, Middle East and Africa; Asia Pacific; The Americas), compared with 44% of European retailers and 23% of retailers from Asia Pacific. London is the number one city targeted by American retailers with 64.7% operating at least one store there, closely followed by Dubai (61.2%) and Kuwait City (49.3%) in third position.

When looking at the most targeted countries by global retailers, the United Kingdom holds onto first position in the rankings closely followed by the United Arab Emirates (53.1%) and the United States (50.3%). Spain is in fourth position (47.5%) closely followed by China (47.2%), with France and Germany (46.9%) joint sixth in the rankings. Russia (44.5%), Italy (43%) and Saudi Arabia (41.1%) make up the remainder of the top 10.

Further CBRE research into the number of new store openings in the past year reveals that Europe was the most targeted region at city level accounting for 48% of new entries, followed by the Middle East and Africa with 22%, and Asia with 14%. North America, Pacific, and Latin America attracted 8%, 6% and 1% respectively.

CBRE Group, based in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenues).

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M.Fourcall says:
Oct-10-2012 08:19 am

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M.Fourcall says:
Oct-10-2012 07:29 am

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M.Fourcall says:
Oct-10-2012 08:19 am

Sometimes it is so hard to find good and useful posts out there when doing research. Now I will send it to my colleagues as well. Thank you for being one of them. digital agencies

M.Fourcall says:
Oct-10-2012 07:29 am

Your article has helped me to read this subject on a different level. I would like to thank your efforts for exploring this issue. Thank you for your information. shop signs

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REAL ESTATE

Hodgdon Group completes Ashley Furniture project, launches Total Wine construction

BY Staff Writer

Laguna Hills, Calif. — The Hodgdon Group said it has completed construction on the conversion of a Circuit City building in Laguna Hills, Calif., for the grand opening of an Ashley Furniture HomeStore on Friday, April 20. 



The former Circuit City building was expanded to make way for a fully remodeled 51,000-sq.-ft. retail building, which includes the new 33,000-sq.-ft. Ashley Furniture HomeStore plus Total Wine & More in the remaining 18,000 sq. ft.

A 4,000-sq.-ft. Chick-fil-A restaurant with a drive-thru will be located on an outparcel. Total Wine & More and Chick-fil-A are expected to open early summer.

This is the 13th Ashley HomeStore to be completed by the Hodgdon Group.

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REAL ESTATE

Phase II of Shoppes at Fox River welcomes new tenants

BY Staff Writer

Milwaukee — The Milwaukee office of Opus Development Corp. announced that T.J Maxx, Ulta Salon, Rue 21 and Charming Charlie’s will be the first tenants in the second phase of its Shoppes at Fox River retail development in Waukesha, Wis.

Phase II development will break ground in April and, when fully built-out, it has potential to total 150,000 sq. ft. The first development in Phase II will include more than 47,000 sq. ft. of retail space on six of the approximately 18 acres of developable land adjacent to the existing Phase I buildings. The first Phase II development will include T.J. Maxx, Ulta, Rue 21 and Charming Charlie’s.

Phase I of The Shoppes at Fox River was opened in July 2009, with the final construction completed in September 2010. It includes about 273,000 sq. ft. of retail space. Currently, Phase I is 97% occupied, including a 132,000-sq.-ft. Target and a 60,000-sq.-ft. LEED-Silver certified Pick ‘n Save grocery store.

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