{"id":206197,"date":"2026-04-22T17:06:11","date_gmt":"2026-04-22T17:06:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/206197\/"},"modified":"2026-04-22T17:06:11","modified_gmt":"2026-04-22T17:06:11","slug":"new-york-city-is-luxurys-top-pick-for-store-openings-says-savills","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/206197\/","title":{"rendered":"New York City Is Luxury’s Top Pick for Store Openings, Says Savills"},"content":{"rendered":"

\n\tLONDON<\/a> \u2014 New York City is back on the map as the destination for luxury store openings, according to research released this week by the international property company Savills<\/a>.<\/p>\n

\n\tSavills said North America was the leading region for luxury store openings in 2025, and accounted for 27 percent of global activity. Savills said the city, which last held the crown in 2019, was one of only a small number of markets to record an increase in activity. Luxury store openings rose 23 percent year\u2011over\u2011year in 2025.<\/p>\n

\n\tSavills attributed the resurgence of New York City to \u201ca shift in market conditions across the city\u2019s prime luxury corridors.\u201d<\/p>\n

\n\tIt said increased availability and a rebase in rents over the past three years, most notably along Fifth Avenue and Madison Avenue<\/a>, \u201chave created a clear window of opportunity for brands to secure flagship space. This has translated into a strong spatial concentration of activity, with 56 percent of New York\u2019s new luxury openings located along these two established luxury corridors.\u201d<\/p>\n

\n\tThose slick shopping streets have undergone major changes pre- and post-pandemic, with the closure of Brooks Brothers, Barneys New York and Calvin Klein on Madison Avenue<\/a>, and the shuttering of Lord & Taylor\u2019s flagship on Fifth Avenue.<\/p>\n

\n\tAnthony Selwyn<\/a>, co\u2011head of global retail at\u00a0Savills, said the resurgence in North America \u201csignals a broader recalibration in brand expansion strategies, with renewed emphasis on cities that combine scale, depth of wealth and long\u2011term strategic relevance within global luxury networks.\u201d<\/p>\n

\n\tSelwyn added that New York \u201ccontinues to benefit from its position as the world\u2019s largest high\u2011net\u2011worth market, reinforcing its role as a cornerstone destination for brands seeking sustained exposure to resilient, high\u2011spending customers.\u201d<\/p>\n

\n\tSavills said luxury retail expansion moderated further across all regions in 2025, with total new store openings falling to their lowest level since 2020. The company said the slowdown reflects \u201ca more cautious occupier environment, with brands prioritizing quality of presence over scale of network.\u201d<\/p>\n

\n\tChina recorded the most pronounced decline in new openings. Savills said the trend was exacerbated by timing effects following the delivery of major prime retail schemes in 2024, rather than a fundamental shift in long\u2011term brand intent. <\/p>\n

\n\tBy contrast, North America and Europe showed \u201crelative regional resilience, with new openings declining by 13 percent and 8 percent, respectively. Activity continues to concentrate in a smaller number of global and destination cities offering established luxury ecosystems, depth of demand and long\u2011term strategic relevance,\u201d Savills said.<\/p>\n

\n\tMarie Hickey<\/a>, global retail research lead at\u00a0Savills, said although expansion volumes have softened, \u201cthe data shows activity becoming more selective rather than retreating. Brands are clearly concentrating investment in markets where demand fundamentals, future growth and long\u2011term positioning align \u2014 a trend clearly reflected in New York\u2019s return to the top of the global rankings.\u201d<\/p>\n

\n\tThe trend dovetails with the brands\u2019 belief that the U.S. consumer still has a strong appetite for luxury. As reported, Watches of Switzerland<\/a> has been investing heavily in the U.S., opening multibrand showrooms and buying regional, family-run watches and jewelry businesses.<\/p>\n

\n\tIn Watches of Switzerland<\/a>\u2019s first fiscal half, the U.S. grew 20 percent, despite higher tariffs, and the region accounted for a little less than half of overall group revenue.<\/p>\n

\n\tChief executive officer Brian Duffy said despite the spike in precious metal prices over the past year, sales of gold watches and jewelry in the U.S. have been \u201cunaffected,\u201d for a variety of reasons.<\/p>\n

\n\t\u201cThe economy, particularly for those who are asset rich, has been good. People have disposable income, particularly the higher-income groups. And when those groups are buying, it\u2019s less about affordability,\u201d he told WWD in an interview earlier this month. <\/p>\n","protected":false},"excerpt":{"rendered":"LONDON \u2014 New York City is back on the map as the destination for luxury store openings, according…\n","protected":false},"author":2,"featured_media":206198,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[4043,12185,9,24,55,54,56,22227],"class_list":{"0":"post-206197","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york-city","8":"tag-london","9":"tag-madison-avenue","10":"tag-new-york","11":"tag-new-york-city","12":"tag-new-york-city-headlines","13":"tag-new-york-city-news","14":"tag-ny","15":"tag-watches-of-switzerland"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/206197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=206197"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/206197\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/206198"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=206197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=206197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=206197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}