Prague is the heart of CEE luxury
13 new luxury brands have come to Prague in the last 5 years, including Brioni, Tombolini and Bulgari
According to the latest information from CBRE, the world leader in commercial reality services, 13 luxury brands have appeared on the Czech market since 2010, with additional 15 high end brands. The majority of luxury brands come from Europe and are focused on fashion and fashion accessories, such as Fendi and Jimmy Choo. American brands such as Tiffany & Co. and Dolce Gabbana have also penetrated the market. COS and Stuart Weitzman plan to open their stores by the end of this year.
Prague is the strategic choice for the majority of high end and luxury brands that want to expand to the Central and Eastern European region.
It’s a given that the attractive location in the heart of Europe as well as its popularity among international visitors have until recently raised demand for luxury goods.
The historical monuments in the Prague city centre are connected to the main shopping streets and ensure a natural flow of potential customers.
In the past, demand was raised by tourists to a large extent, especially those from Russia, with a subsequent gradual growth in clientele from Asia. Nevertheless, this trend is reversing as Czechs have acquired taste for luxury items, now accounting for nearly half of the demand.
|Luxury brand in the Czech Republic from 2010|
|Tiffany & Co.|
Some brands such as Ralph Lauren, Chanel or Armani are currently missing in the Czech Republic and we anticipate that they will gradually appear on the Czech market.
However, they are waiting for ideal conditions, including spaces and locations they would like. Three to five years waiting period is insignificant to them.
|High end brands in the Czech Republic from 2010|
|Crabtree & Evelyn|
|Kiehl’s Since 1851|
CBRE Group, a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2016 revenue). The Company has approximately 75,000 employees and serves real estate investors and occupiers through approximately 450 offices worldwide (excluding affiliates). CBRE offers a broad range of integrated services including project management; property management; investment management; valuation; property leasing; strategic consulting and research and consulting. In the Czech Republic, CBRE has almost 350 employees and manages nearly 70 commercial premises with a total area nearly 1.2 mil. sq. m. Read more at www.cbre.cz.