The luxury brand has leased more than 360,000 square feet of land in the U.S. from July 2023 to July 2024.
Despite economic uncertainty, the United States remains the world’s top luxury goods market.
Global retail sales of luxury goods will reach more than $75 billion in 2023, according to a new report from JLL. The United States and Europe account for the largest share of the market, with both accounting for approximately 28% of total luxury retail sales. Global luxury retail sales are expected to exceed $82 billion by the end of 2028, with a compound annual growth rate of 1.9% from 2024 to 2028.
From July 2023 to July 2024, luxury brands leased a total of more than 360,000 square feet in the United States. Almost half (48.5%) of new luxury stores opened in malls. Roadside stores accounted for 48.5% of the number of store openings. The remaining space was hospitality and “other”.
mall
In cities such as Costa Mesa (California) and Atlanta, a wave of new luxury store openings at top-performing malls such as South Coast Plaza and Phipps Plaza reflects how luxury brands continue to find opportunities in malls. malls account for almost half of all new luxury goods. The store is scheduled to open from July 2023 to July 2024.
“Top malls with ample quality space will continue to offer opportunities as the lack of desirable retail space in major corridors continues to impact luxury brands’ expansion plans,” the report said. are.
street retail
New York City and Los Angeles continue to attract luxury brands looking to establish or expand their presence in the United States, the report said. Both markets accounted for a total of 36.9% of high-end new store openings from July 2023 to July 2024.
In New York City, the Madison Avenue revival is in full swing, with luxury brands seizing the opportunity to secure as much retail space as possible, the report said. New luxury store openings in the Los Angeles market reaffirm an important fact: Luxury is in Beverly Hills.
(Read more: JLL: Holiday budgets increase this year, but gift spending falls, mall visits rise)