Luxury Brands Drive U.S. Retail Boom in 2022
Luxury brands made a significant impact in the United States in 2022, with a notable increase in retail presence and sales. Louis Vuitton and Chanel led the way with their largest-ever U.S. stores, while major luxury groups expanded their footprint nationwide.
Louis Vuitton and Chanel both opened 30,000-square-foot stores on North Rodeo Drive in Los Angeles, marking the largest new construction projects for luxury brands in the U.S. in 2022. This expansion is part of a broader trend, with luxury brands increasing their national retail presence by over 650,000 square feet last year. The luxury giants LVHM, Kering Group, and Richemont opened 108, 100, and 96 news respectively in 2022.
The West Coast and New York were the primary destinations for these news, with over half of new store openings occurring in these two regions. Los Angeles' Beverly Hills Triangle saw the largest share, while New York City experienced increased foot traffic in prime retail corridors like Times Square, SoHo, and Fifth Avenue. High-end malls also played a significant role, with close to 40% of new store leases occurring at these locations.
The retail expansion by luxury brands in 2022 was a key driver of U.S. revenue growth, with overall luxury goods sales increasing to almost $70 billion. Despite challenges like the decline in foot traffic in San Francisco's Union Square, the luxury sector continues to thrive and expand its presence across the United States.
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