Shopping Centers Today

DEC 2016

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

Issue link: https://sct.epubxp.com/i/753030

Contents of this Issue

Navigation

Page 31 of 143

32 S C T / D E C E M B E R 2 0 1 6 L ondon remains the world's top destination for expanding international retailers, according to JLL, with Hong Kong in second place and Paris in third. JLL's Destination Retail 2016 report tracked retail in 140 major cities that account for an aggregate 36 percent of the world's GDP and for upwards of $15 trillion in consumer spending. Dubai, United Arab Emirates; New York City; and Shanghai were in fourth, fifth and sixth place, respectively, with Singapore, Beijing, Kuwait City and Tokyo following. "The search for growth is escalating the penetration of international brands across the world's most-attractive retail cities, especially in emerging markets," said David Zoba, chairman of JLL's global retail leasing board. Dubai, which continues to benefit from its expanding tourism industry, is among the most-active emerging markets, as is Shanghai, which retailers are using as a test bed for further expansion into China. Jeddah and Riyadh are seeing steady retail development too, thanks to Saudi Arabia's decision to allow direct foreign investment, as well as a government effort to build up the country's tourism industry. "These [emerging] markets offer significant opportunities for retail sector expansion and increasing retail sales fueled by growing populations, rapidly rising middle classes and surging urbanization," reads the report. "While these cities are well established shopping destinations in their own right, they do not yet offer retailers the transparency of more mature, established markets." And there are other potential pitfalls. "Emerging markets can expose international retailers to greater levels of economic and geopolitical risks," observed James Hawkey, JLL's head of retail for China. "Recent examples include China's anticorruption campaign and the effects on the luxury market and Russia's ruble devaluation. However, international retailers are increasingly comfortable dealing with these risks and generally have their eye on the long-term prize of establishing a strong position in major world markets." The report examines the activities of 240 international retail brands. The 140 detailed cities make up 13 percent of the global population and account for 33 percent of total consumer spending. n 2 ) H O N G K O N G 3 ) PA R I S 4 ) D U B A I 5 ) N E W Y O R K C I T Y London calling Britain is the first stop for the globe's growing retailers By Beth Mattson-Teig 1 ) L O N D O N S T O R E F R O N T S

Articles in this issue

Archives of this issue

view archives of Shopping Centers Today - DEC 2016