Over this year, international retailers have continued to expand in Europe. Some countries saw the arrival of new brands, allowing the expansion of their market. Here we take a look at the trends and changes in the European retail market.
Within the Eurozone, retail trade will stand at +1.6% in 2018 and is expected to rise by +2.0% in 2019.
In the three largest European markets, in 2019, Germany, the UK and France, retail sales growth will continue to increase by more than 2%. Spain continues to benefit from economic recovery with a declining unemployment rate.
*Sources: Oxford Economics - BNP Paribas - November 2018
Retail market in the UK: attracting new brands
Whilst uncertainty surrounds the wider economy preceding the UK’s exit from the EU, London continues to attract some of the world’s most exciting brands. Despite fairly sizeable delays surrounding the delivery of Crossrail, with the estimated completion now set to be in autumn 2019, retailers are still drawn to the capital’s retail scene.
The £10m transformation of Bond Street completed in autumn 2018, which included pedestrian friendly wider pavements and a new public square. Perhaps more importantly, it heralded the reopening of seven stores such as jewellers Cartier and Chopard and the arrival of ten new brands including Italian jeweller Pomellato and womenswear retailer Chloe.
Regent Street has also welcomed several new retailers over the course of the year. Mulberry opened a new 5,000 sq ft fl agship store at 100 Regent Street, whilst French womenswear brand Maje took the former L‘Occitane store.
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NICK ROBINSON, RETAIL ANALYST - ASSOCIATE DIRECTOR BNP PARIBAS REAL ESTATE - UK