- 83 new luxury store openings in Europe in 2024
- Amsterdam’s P.C. Hooftstraat records the highest number of new exclusive brand openings
- Vacancy rate on P.C. Hooftstraat drops from 5% to 3%
- Rents in high-end shopping streets rise by 3.6% in 2024
Amsterdam’s P.C. Hooftstraat remains Europe's most dynamic luxury shopping street, recording the highest number of new store openings (11) in 2024. This is according to Cushman & Wakefield’s latest European Luxury Retail report, which analyzes the 20 most important high-end shopping streets across Europe.
A total of 83 exclusive brands opened stores in these prime locations, down from 107 in 2023. This decline reflects not only a slight slowdown in sales growth within the luxury sector but also the increasing scarcity of retail space in top-tier locations.
Nearly half of the new openings (41) were in the fashion and accessories category, while the number of new jewelry and watch boutiques rose from 21 to 26. Luxury conglomerates continue to dominate the sector, with brands from LVMH, Richemont, and Kering accounting for over a third of all openings. LVMH led the way with 15 new stores in 2024.
Annelou de Groot, CEO of Cushman & Wakefield Netherlands "The luxury retail market is heavily reliant on tourism. The 5% growth in European tourism in 2024 has had a positive impact on the sector. With tourism expected to continue rising in the coming years, demand for luxury brands will only grow—benefiting top-tier locations across Europe, including Amsterdam’s P.C. Hooftstraat."
Scarcity Drives Up Rents
Despite the slight dip in new openings, demand for prime retail locations remains strong. Of the 20 high-end shopping streets analyzed, 17 have a vacancy rate below 5%, with six streets reporting no vacancies at all. On P.C. Hooftstraat, the vacancy rate dropped from 5% to 3%, as previously planned store openings materialized, and available spaces were gradually occupied.
Limited availability and sustained demand have driven rents in Europe's luxury shopping streets up by 3.6% in 2024, compared to a 3% increase in 2023. As a result, rental prices now average 3% above pre-COVID 2018 levels. In fact, a third of the surveyed shopping streets saw record-breaking rent levels, with Milan standing out: Via Montenapoleone is now the most expensive shopping destination in the world. Cushman & Wakefield expects this upward trend to continue into 2025.
P.C. Hooftstraat
P.C. Hooftstraat welcomed 11 new luxury retailers in 2024, including brands such as Jil Sander, Celine, Dolce & Gabbana, Weekend, and Loro Piana. The jewelry and watch sector also strengthened its foothold in the Netherlands. Richemont brand Vacheron Constantin opened a boutique in partnership with Schaap & Citroen, offering an exclusive brand experience across two floors, with private spaces and Amsterdam-only designs. Additionally, Van Cleef & Arpels unveiled a flagship store at P.C. Hooftstraat 140-142. Spanning approximately 600 m² across three floors, it is one of the largest luxury boutiques to open on the street in recent years.
Jean-Marie Mulkens, Head of Retail Agency: "With growing demand for immersive in-store experiences, luxury brands are increasingly seeking to expand their retail footprints. Larger stores provide space not only for extensive collections but also for personalized customer experiences. However, with limited suitable retail spaces available, brands are getting creative - expanding into adjacent units, acquiring additional floors, or relocating to larger premises to enhance their brand experience. This trend is set to continue in 2025, with several major store openings already in the pipeline."
