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EMEA Luxury Retail EMEA Luxury Retail


European Luxury Retail

Explore the dynamics of the European luxury retail real estate market.

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Luxury retailer activity and vacancy  

Luxury retailer activity remains high and focussed on EMEA’s key luxury streets, Prague’s city centre being no exception. With 0% vacancy on its main luxury destination – Pařížská and the surrounding streets – retailers’ opportunities to secure space are challenging, particularly for in-demand larger stores. These demand-supply dynamics are keeping upward pressure on rents which we have seen recovering in luxury streets at a faster rate than for all high streets across Europe.


Prague's luxury store openings in 2024

Prague’s luxury retail precinct saw five new luxury store openings in 2023. In Pařížská, Polo Ralph Lauren unveiled its new flagship store and the brand’s first full-price store in the Czech Republic, and Jimmy Choo opened a new Czech flagship store after a year's absence. Luxury watch retailer Rado, ready-to-wear brand Zadig & Voltaire, and winter clothing brand MooRER opened in nearby streets.

At the end of 2023, Pařížská had no vacant space, reflecting the level of demand in this key luxury destination. This constraint in supply and high levels of retailer interest in the street have led to new development being brought forward which will create fresh opportunities for retailers desiring space in this sought-after luxury area. Two projects are to be completed in 2024 that will enlarge the existing 20,000 sq m of desirable retail space by more than 15%: 

  • The former InterContinental hotel is being transformed into the new five-star Fairmont Golden Prague, and the development will add six new retail units, totalling nearly 2,400 sq m.
  • Kaprain Real Estate’s Pařížská 25 development will deliver additional almost 1,000 sq m of luxury flagship retail space.

With sales of EUR 0.7 billion in 2023, the Czech luxury retail market achieved an 8.1% increase year on year. Along with developments in the other 15 European cities surveyed, it confirms that luxury markets remain resilient, bolstered not only by high-wealth luxury shoppers but also the return of high-spending tourists to Europe.

Read Cushman & Wakefield’s European Luxury Retail report to find out more.



European Luxury Retail Real Estate at the Fore

The European luxury retail market embodies a blend of tradition and innovation, offering consumer experience that is unique. As the sector continues to evolve, the emphasis on in-store and in-person experiences will be key to captivating luxury consumers across all demographics and profiles. In this dynamic landscape, Europe's luxury retail streets and the brands that grace them stand as beacons of excellence, continuing to set the standards for the global luxury market.

Key Takeaways


Cushman & Wakefield's dedicated Luxury Retail Team remains at the forefront of these developments, providing invaluable insights and expertise to help navigate the complex terrain of the European luxury retail real estate market.


Jan Kotrbáček
Jan Kotrbáček

International Partner, Head of Retail Agency CEE
Prague, Czechia

+420 2 34603510

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Marie Balov
Marie Baláčová

Head of Business Development Services, CEE + Nordics
Prague, Czechia

+420 (605) 440693

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Sally Bruer
Sally Bruer

Head of EMEA Logistics & Industrial and Retail Research
London, United Kingdom

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The Cushman & Wakefield European Luxury Retail report is a detailed research report crafted to provide an authoritative and sophisticated analysis of the luxury retail real estate market across Europe. It offers in-depth, data-driven insights, covering luxury retail real estate market dynamics as well as luxury retailer and consumer trends. This comprehensive report is invaluable for stakeholders looking to understand the intricacies of the European luxury retail real estate landscape.

The luxury retail real estate market is propelled by several key drivers including evolving consumer preferences and innovative strategies for utilising stores for customer engagement and brand enhancement. This includes luxury brands’ expansion into more experience-based offerings and their preference to offer wider ranges and more products to customers within individual stores. These key elements are helping to shape the retail real estate strategies of luxury retailers and brands.

Luxury retailers are adapting to evolving consumer demands by creating stores that engage and delight shoppers. Compelling design remains a key component of this but there is growing adoption of technology in stores to create opportunities for customers’ engagement with brands. A key driver of real estate strategy is the enhancement of customer engagement through exclusive in-store experiences. This along with growing preference to carry wider ranges of products in individual stores is fuelling demand for larger spaces.

The Cushman & Wakefield European Luxury Retail report covers an extensive range of countries and cities across Europe, including the United Kingdom, Italy, France, Germany, Switzerland, Spain, Portugal, Belgium, the Netherlands, Czech Republic, Sweden and Denmark. Cities such as London, Milan, Rome, Paris, Munich, Düsseldorf, Barcelona, Madrid, Lisbon, Zurich, Geneva, Prague, Brussels, Amsterdam, Stockholm and Copenhagen are highlighted.

The Cushman & Wakefield European Luxury Retail report covers 20 key luxury retail high streets across Europe, famed for their concentration of luxury retail offerings, attracting both domestic and international affluent shoppers. Key luxury streets covered in this report include:

  • Paris – Avenue Montaigne, Avenue des Champs-Élysées, Rue St-Honoré and Rue du Faubourg St-Honoré
  • Milan – Via Montenapoleone.
  • Rome – Via Condotti
  • London – Bond Street and Sloane Street
  • Munich – Maximilianstraße
  • Düsseldorf – Königsallee
  • Barcelona – Passeig de Gràcia
  • Madrid – Calle de Serrano and Calle de José Ortega y Gasset
  • Lisbon – Avenida da Liberdade
  • Brussels – Boulevard de Waterloo
  • Amsterdam – PC Hooftstraat
  • Prague – Pařížská
  • Zürich – Banhhofstrasse
  • Geneva – Rue du Rhône
  • Stockholm – Bibliotekstan
  • Copenhagen – Strøget

These streets are pivotal in defining the landscape of European luxury retail, often setting trends and standards in the global luxury market.

Learn more about the world’s most prestigious retail streets in our Main Streets Across the World.

Hospitality is playing a growing role in the luxury retail industry by enhancing the brand experience and fostering deeper connections with consumers. It extends the brand's presence beyond traditional retail settings, offering exclusive experiences that embody the brand's values and lifestyle proposition. Expansion into areas of hospitality by luxury retailers will remain an important strategy for the future as consumers’ appetite for luxury experiences grows and brands seek to deepen customer engagement.

Physical stores remain crucial in the luxury retail market by offering brand experiences that cannot be replicated online. They serve as a physical touchpoint for consumers to engage with products, receive personalized services, and partake in exclusive events and access exclusive products, reinforcing brands’ prestige and desirability.

The European luxury retail property market is expected to see continuing demand for space focused on key prime streets across Europe. However, the ongoing constraint in availability continues to create challenges for retailers to secure appropriate spaces. This ongoing demand-supply challenge means that there is upward pressure on prime rental levels. The resilience of luxury retail real estate suggest a positive outlook for key streets across Europe, delivering vital physical spaces for customer engagement and brand enhancement.

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