Tokyo world’s ‘hottest’ retail market
Tokyo is the world’s hottest market for retail expansion, attracting 63 new brands last year as leasing momentum in core areas remained strong, despite mixed signals in the economy and an increase in the sales tax to 8% in April 2014, according to the latest report from CBRE Group.
Toronto stood out as the hottest market in the Americas, attracting 25 new international brands in 2014. According to the report—which tracks the target markets of new brands in 164 cities in 50 countries—U.S. retailers are the most active when it comes to expanding into new global markets. In 2014, U.S. retailers accounted for 26% of cross-border expansion. Primary expansion targets for Americas retailers are Asia (41%) Europe (33%), and the Middle East and Africa (12%).
Globally, Europe accounted for 42% of retailer expansion, followed by Asia with 39% and the Middle East and Africa with 10%. North America was only a target for three percent of retailers.