London has been placed as the number one city for luxury retail in a new report as it reinforces its position as a global leader in high-end jewellery retail.
New data shows more luxury stores opened in London than in any other city last year – a total of 41 new openings –compared to Paris’ 36 and New York’s 31.
According to the Global Luxury Retail report, 15 of the new openings were brands’ first ever stores in London.
Luxury outlets stocking fine jewellery, including Harrods and Harvey Nichols have seen business bolstered substantially as tourists seeking high-end discount goods have flocked to London as a result of a weak pound.
In spite of strong tourism numbers though, jewellers in London are set to face challenges this year in regards to business rate revaluations.
De Beers said it is considering abandoning its London flagship due to the hike in business rates and it is estimated that businesses in the city could pay an extra £4 billion over the next five years under the rates revaluation.