Page 52 - RLI April 2019

ADRID IAMI
Madrid is the capital of Spain, a dynamic With broad appeal and a growing local
and open city and the country’s largest population, Miami is a target for many luxury
Mretail market. The city draws on a large Mdesigners including newly opened Christian
consumer base which is amongst the most affluent in the Louboutin, Yves Saint Laurent, and Van Cleef & Arpels within the
country. Madrid is the country’s central hub of transport Miami Design District. Drawn to the luxury retail experience,
and communication networks, attracting high volumes of night life and food scene, Miami sees an influx of tourism both
business travellers, while the city’s beautiful architecture and domestically and from Latin America, Europe and Canada.
vibrant culture is a magnet for tourists. High Street
High Street Lincoln Road is the foremost prime urban corridor in Miami
Demand for high quality space remains strong as boasting over 10 million visitors annually. Mass marketed
international brands and established national retailers retailers of all price ranges seek and maintain locations on
continue to open stores. Vacancy remains limited on Madrid’s the famed road, capturing the attention of domestic and
prime pitches as a result. Preciados is Madrid’s prime high international tourists. This tourist corridor is an ideal location
street. As the city’s most famous retail location, it attracts the for retail flagships as demonstrated by Nike which opened its
highest footfall and commands the highest rents. three-story flagship in January 2017.
Shopping Centres Shopping Centres
Madrid’s most important shopping centres include Parquesur, Like so much of Miami, shopping centres are seeing
Madrid Xanadú, Plenilunio, La Vaguada and La Gavia. After tremendous growth, construction and redevelopment. Bal
the opening of Gran Plaza 2 in 2012, there has been limited Harbor Shops, the epitome of luxury shopping centres, recently
LONDON MADRID development activity with the exception of the openings of had expansion plans approved, allowing them to build on their
Sambil Outlet and Plaza Río 2 in 2017. A number of new retail already stellar list of tenant names, including recently entered 1.3
assets are being developed. The Canalejas project opening in Phillip Lim, Pinko, and Lafayette 148. Brickell City Center opened
Puerta del Sol will host a 5-star hotel and a retail luxury arcade in 2016 and continues to open stores progressively with the
ONDON OS ANGELES and several other projects on the city outskirts, like X-Madrid. recently opened Italian themed food hall La Centrale and the
London is one of the most attractive locations for Known for its perfect weather, palm trees, and first Cinemax Theater, CMX, in the US.
international retailers globally, with the West End as the entertainment capital of the world, Los
Lmarket the epitome of resilient retailing. Despite LAngeles has all of the ingredients for a top notch
uncertainty following the vote to leave the European Union retail market. Tourists from around the world are drawn to
in 2016, the city continues to be a magnet for new brands, the city for its excellent shopping options at multiple prime
thanks to its unique blend of market size, maturity, high urban corridors and top tier malls, its natural beauty, and of MIAMI
degree of transparency and strong sales performance. course the chance to spot a celebrity.
High Street High Street
London’s core main shopping streets, Oxford Street, Bond In terms of luxury shopping, second only to Upper Fifth
Street, Regent Street and Covent Garden, collectively form Avenue in New York is LA’s Rodeo Drive, which commands
the largest concentration of retail in Europe. International some of the highest rents in the nation. A Rodeo address
retailers are increasingly spreading out from the city’s core has long been key to luxury brands’ marketing strategies
streets and targeting other successful established locations with retailers like Chanel, Louis Vuitton, and David Yurman
like Carnaby Street, Soho, Covent Garden and Seven Dials as long-time residents.
as well as new and evolving areas such as Shoreditch and Shopping Centres
Hackney. Retailers are attracted to the strength of consumer Los Angeles has the largest supply of shopping centre
demand, and the eclectic and dynamic nature of these places. space of any city in the country while managing to maintain
Shopping Centres low vacancies. Los Angeles malls for the most part have
London’s two Westfield shopping centres have both become remained successful by embracing the outdoor lifestyle
established premier shopping destinations. Westfield Stratford centre like Caruso’s The Grove and The Americana, or
opened in 2011 next to the Olympic site, spearheading the renovating properties to improve tenant mixes and add
regeneration of the area and is now the largest urban shopping experiential retail. Most notably, the Westfield Century City
centre in Europe. Westfield London opened in 2008 and is finished a $1bn renovation in the fall of 2017 that includes
distinguished by its mix of fashion and luxury retailers in ‘The the first West Coast Eataly, notable new retailers Cole Haan
Village’. Looking forward, there is a healthy retail development and Bonobos, an Equinox, and entertainment vendors
pipeline including the transformation of the iconic Battersea including a luxury AMC Theater.
Power Station and the Brent Cross Shopping Centre extension,

LOS ANGELES

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