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Shanghai is the world’s sixth-most popular city for luxury goods retailers, according to an industry report.
The Destination Retail 2016 study of 240 international brands by real estate consultancy JLL, ranks London in the top spot, followed by Hong Kong.
“Hong Kong remains Asia’s leading destination with many retailers using it as a springboard for expansion into the Chinese mainland,” said James Assersohn, director of retail for Asia-Pacific at JLL.
“Thanks to a diverse economy and wealthy consumer base, Shanghai has become a favorite place for international brands to test the Chinese market and gain exposure,” he said.
Retailers are drawn to the dynamism of Shanghai due to its “trend-setting nature” while Beijing, which ranked ninth on the list, is favored for its “high sales potential thanks to the strong base of high-net-worth individuals,” the report said.
Four more of the top-10 places (11 if you count the tie for 10th) are filled by cities in the Asia-Pacific region, namely Tokyo (fourth), Singapore (tied for seventh), Osaka and Taipei (tied for 10th).
The dominance of Asian cities “highlights the attractiveness of the region to retailers, thanks to its burgeoning middle classes and growing levels of affluence,” the report said.
The expected growth of high-income households over the next 15 years, should help “keep Asia at the forefront of luxury spending growth,” it said.
The other cities to make the top 10 include Paris (third), New York (fifth) and Dubai (tied for seventh).