The European luxury retail industry continued its growth in 2024, albeit at a more moderate pace compared with previous years. European luxury retail sales increased by 4% vs. 2023, but below the growth rates recorded in 2023 and 2022, which stood at 7% and 23%, respectively. This shows that the market has entered a phase of normalization following the post-pandemic boom, according to the latest Cushman & Wakefield European Luxury Retail 2025 report.
Although expansion continued in 2024, the number of new store openings declined and luxury brands began adopting more selective strategies, focusing on expanding existing stores and investing in premium commercial properties. In 2024, only 83 new stores opened across 20 shopping streets in 16 European cities, compared with 107 in 2023. The majority of these openings were in Paris, Milan and London – Europe’s key luxury markets.
In the CEE and SEE regions, the Czech Republic, particularly Prague, stood out, with five luxury brand store openings in 2024.
Romania is shaping up as an emerging luxury market, although this sector’s development has been hampered by the limited availability of suitable high-street retail spaces. However, Calea Victoriei could become an increasingly relevant destination for luxury brands in the near future, given the announcement of several investment projects aimed at refurbishing historical buildings which could accommodate premium retailers.
Future Flows
CEE Retail Marketbeat Q2 2026
CEE Office Marketbeat Q2 2026
