《仲量聯行（JLL）：2024年美國奢華房地產市場趨勢研究報告（英文版）（38頁）.pdf》由會員分享，可在線閱讀，更多相關《仲量聯行（JLL）：2024年美國奢華房地產市場趨勢研究報告（英文版）（38頁）.pdf（38頁珍藏版）》請在三個皮匠報告上搜索。

1、United StatesSeptember 2024RLuxury report 2024Shaping luxurys future:Trends in U.S.luxury real estate JONES LANG LASALLE IP,INC.2024Luxury retail remains resilientdespite economic uncertainty 04Table of contents201Luxury brands expand along prime corridors and inselect malls 0802Luxury report-2024In

2、 a challenging environment,luxury brands repositionand reinvest 1603M&A activity drives growth and reshapes competition 2104Luxury travel trends:luxury retail partners with hospitality to enhance experiences 2405Considerations for the futureof luxury retail 29 06Appendix:notable storeopenings and qu

3、arterly 34luxury leasing volumes 07This report is interactive!Click on the topics to go straight to that section.To come back to this page,uselocated in the top right corner of each page.JONES LANG LASALLE IP,INC.2024Key findings31 1Despite economic uncertainty,the U.S.remains aremains a top luxury

4、market top luxury market globallyglobally,accounting for 28%of global luxury sales in 2023.2 2From the period between July 2023 to July 2024,almost half of new luxury stores opened almost half of new luxury stores opened in malls,in malls,while luxury retailers favor prime corridors for street retai

5、l.3 3Luxury brands are buying real estate buying real estate in prime corridors,relocatingrelocating to better locations,and are expanding expanding existing footprints to better establish themselves and form connections with consumers.4 4While the Tapestry Capri Holdings merger faces FTC scrutiny,r

6、ecent merger&recent merger&acquisition activityacquisition activity involving retailers such as Saks Fifth Avenue will shape the future of shape the future of luxury retailluxury retail.5 5As international arrivals international arrivals to the U.S.recoversrecovers to 2019 levels by the end of 2025,

7、luxury retail can can benefit from travel growth benefit from travel growth through partnerships with the hospitality industry.6 6While inflation and the lack of supply inflation and the lack of supply will continue to impact luxury retail,luxury brands must find ways to appeal to the appeal to the

8、younger and more diverse consumer younger and more diverse consumer who will drive luxury spending in the future.Luxury report-2024 JONES LANG LASALLE IP,INC.2024Luxury retailremains resilient despite economic uncertainty401Luxury report-2024 JONES LANG LASALLE IP,INC.2024Luxury sales reach over$75

9、billion in 20235Following two years of explosive growth coming out of the pandemic,the luxury retail category continued to see strong interest from consumers,with luxury retail sales reaching over$75 billion in 2023.From 2020 to 2023,luxury retail sales observed an impressive compounded annual growt

10、h rate of 8.6%.Globally,the U.S.and Europe accounted for the largest shares of the global luxury market,with both comprising roughly 28%of overall luxury retail sales according to Bain&Company*.However,U.S.market share dropped by 4%in 2023 from 2022 as consumers pulled back on purchases due to infla

11、tionary pressures.Moving forward,growth in the luxury retail category will normalize as the U.S.navigates this period of economic uncertainty,with luxury retail sales expected to see a compounded annual growth rate of 1.9%from 2024 to 2028,surpassing$82 billion by the end of 2028.US luxury retail sa

12、lesUS$(billions)Source:Statista(March 2024)$64.3$69.0$59.1$64.1$69.5$75.7$77.3$78.8$80.2$81.6$83.3$0$10$20$30$40$50$60$70$80$9020182019202020212022202320242025202620272028*Bain&Company 2024 Luxury Goods Worldwide StudyLuxury report-2024 JONES LANG LASALLE IP,INC.2024Most major luxury conglomerates s

13、aw growth in 20236GroupNotable brands2023 revenue($millions)2022 revenue($millions)%change2023 stores2022 Stores%changeLVMHLouis Vuitton,Dior,Fendi,Tiffany&Co,Loewe,Bulgari95,09585,483+10%6,0975,664+7%KeringGucci,Saint Laurent,Bottega Veneta,Balenciaga21,59621,969-2%1,7521,659+5%RichemontCartier,Van

14、 Cleef,Piaget,Chloe22,75521,399+6%1,3671,286+6%TapestryCoach,Kate Spade,Stuart Weitzman6,6616,6850%1,4291,443-1%Capri HoldingsMichael Kors,Versace,Jimmy Choo5,1705,619-9%1,2721,2710%Prada GroupPrada,Miu Miu5,2174,534+13%606612-1%PuigCarolina Herrera,Jean Paul Gaultier,Charlotte Tibury4,7503,908+18%-

15、OTB GroupMaison Margiela,Jill Sander,Marni2,0611,886+9%-Zegna GroupZegna,Thom Browne2,1021,611+23%636500+21%Source:JLL Research,Luxury Conglomerates Financial Reports,Statista Luxury report-2024 JONES LANG LASALLE IP,INC.2024United States remains a top luxury market7Source:Bain&Company 2024 Luxury G

16、oods Worldwide StudyNote:E indicates estimated value and F indicates forecasted valueGlobal luxury goods market by distribution channelShare of global luxury goods market by geographyShare ofglobal luxury goods market by generation4%4%5%5%15%11%15%15%8%7%7%8%11%21%15%16%32%26%27%28%30%31%32%28%20192

17、02120222023ERest of WorldRest of AsiaJapaneseChineseEuropeanAmerican3%23%11%30%24%20%36%45%50%8%20%25%5%20192023E2030FSilent GenerationBaby boomersGen XGen YGen ZGen Alpha31%33%34%36%12%22%21%20%20%16%15%14%18%15%15%13%13%12%12%13%6%2%3%4%2019202120222023EMonobrand storesOnlineSpecialtyDepartment st

18、oreOutletTravel retailLuxury report-2024 JONES LANG LASALLE IP,INC.2024Luxury brands expand alongprime corridors and in select malls802Luxury report-2024 JONES LANG LASALLE IP,INC.2024Luxury brands continue to favor prime corridors and find opportunities in malls*9Source:JLL Research*Due to a change

19、 in methodology for this iteration of JLLs annual Luxury Report,with the analysis covering a period between July 2023 to July 2024between July 2023 to July 2024,the luxury leasing and new luxury openings figures are not comparable to past reports.Luxury brands leasedover 360,000 square feetfromJuly

20、2023 to July 2024Almost half of new luxury stores opened in malls Luxury street retail continues to becentered around prime corridors67.9%32.1%Prime corridorNon-prime corridor48.5%40.9%5.6%5.1%MallStreet RetailOtherHospitality40.3%19.4%8.3%11.1%13.9%6.9%0-2,0002,001-3,0003,001-4,0004,001-5,0005,001-

21、10,00010,0001+Luxury report-2024 JONES LANG LASALLE IP,INC.2024Luxury loves New York and Los Angeles10New York and Los Angeles continues to attract interest from luxury brands seeking to establish or expand their presence in the U.S.,with both markets accounting for a combined 36.9%of new luxury ope

22、nings between July 2023 to July 2024.In New York City,the resurgence of Madison Avenue is in full swing as luxury brands take the opportunity to snatch up ample retail space while they can.Whereas new luxury openings in the Los Angeles market reaffirm a key fact:luxury lives in Beverly Hills.For cit

23、ies like Costa Mesa and Atlanta,the wave of new luxury openings reflects how luxury brands continue to find opportunities in malls.Popular,top-performing malls like South Coast Plaza and Phipps Plaza continue to attract luxury brands,further strengthening their luxury co-tenancy in the process.Citie

24、s with 5 or more new luxury openings,July 2023 July 2024Source:JLL Research34171615127775550510152025303540New YorkBeverly HillsCosta MesaLos AngelesAtlantaBostonLas VegasMiamiDallasHonoluluSan DiegoLuxury report-2024 JONES LANG LASALLE IP,INC.202411While street retail accounted for 40.9%of new luxu

25、ry openings from July 2023 to July 2024,nearly 68%were in prime corridors.Notable prime corridor openingsPrime corridorNotable luxury openingsNew York City-Madison AvenueValentino,Johanna Ortiz,Veronica de Piante,IWC Schaffhausen,Serapian,John Lobb,LanvinLos Angeles-Beverly Hills TriangleSaks Fifth

26、Avenue,Michael Kors Collection,Balenciaga,MB&F,Gabriela Hurst,GennyBoston-Newbury StreetVacheron Constantin,IWC Schaffhausen,Hublot,Panerai,BreitlingMiami-Design DistrictGucci,Dior,Tiffany&Co.,Cult GaiaNew York City-SoHoValentino,Cartier,Kith WomenSan Francisco-Union SquareA.Lange&Shne,BreitlingChic

27、ago Gold CoastBalenciaga,Cartier,LoeweNew York City-Fifth AvenueChanel,AesopNew York City Meatpacking DistrictBreitling,AesopLuxury report-2024 JONES LANG LASALLE IP,INC.2024Luxury lands on Madison Avenue while it can12In New York City,Madison Avenue has become a popular choice among expanding luxur

28、y brands,with the prime corridor accounting for 47.1%of new luxury openings in New York City from July 2023 to July 2024.In late 2023,Valentino made a splash with the opening of its mega-flagship,with over 12,000 s.f.of selling space,at the corner of 60th Street.First-to-market luxury brands chose t

29、o open their New York flagships on Madison Avenue as well,with notable openings including Serapian,Johanna Ortiz and Del Core.When taking into consideration lease signings from Dolce&Gabbana(23,339 s.f.)and Goyard(9,000 s.f.)over the past year,its clear to see that luxury brands are taking the oppor

30、tunity to snatch up prime retail space while they can.Looking ahead,Madison Avenues luxury co-tenancy will be further elevated by a wave of upcoming luxury openings,including Dolce&Gabbana,Goyard,Boucheron,Van Cleef&Arpels,and Giorgio Armani.Luxury report-2024 JONES LANG LASALLE IP,INC.2024Everybody

31、 wants to be in Beverly Hills13The desirability of prime retail space in Beverly Hills remains unmatched,with the Beverly Hills Triangle accounting for 41%of new luxury openings in the Los Angeles market from July 2023 to July 2024.Notable openings include Balenciagas second boutique in Beverly Hill

32、s,Michael Kors return to Rodeo Drive with Michael Kors Collection,the U.S.debut of Italian luxury brand Genny,and Gabriela Hursts first West Coast flagship located along the street front of the Beverly Wilshire hotel at the intersection of Wilshire Boulevard and Rodeo Drive.Additionally,Saks Fifth A

33、venue unveiled its$52 million renovation of the former Barneys New York building in February 2024,opening a 130,000 s.f.womens store which features 15 private salons and dedicated boutique spaces for luxury brands such as Louis Vuitton,Chanel,Gucci,and Dior.Luxury report-2024 JONES LANG LASALLE IP,I

34、NC.2024Malls continue to provide opportunities14Luxury brands continue to find opportunities in malls,with malls accounting for nearly half of all new luxury store openings from July 2023 to July 2024.Malls that strategically optimize their tenant mix to offer the best-in-class retail remain enticin

35、g to luxury brands who are seeking high-quality space,with the best malls including an array of luxury brands in their rosters.Since 2021,class A malls have seen a resurgence in leasing activity as expanding retailers have focused on high-quality mall space.Thanks to solid demand and positive net ab

36、sorption,class A malls have the lowest vacancies,with an average vacancy rate of 5.8%in Q2 2024 As the scarcity of desirable retail space in prime corridors continues to impact the expansion plans of luxury brands,top malls with ample high-quality space will continue to provide opportunities.Source:

37、JLL Research,CoStar5.8%8.4%12.8%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%2008 Q22009 Q22010 Q22011 Q22012 Q22013 Q22014 Q22015 Q22016 Q22017 Q22018 Q22019 Q22020 Q22021 Q22022 Q22023 Q22024 Q2Class A vacancyClass B vacancyClass C vacancyClass A malls have the lowest vacancyVacancy(%)Luxury report-2024 JON

38、ES LANG LASALLE IP,INC.2024Malls further expansion plans15Kering expanded Guccis presence in major markets through malls,with the opening of new stores in Los Angeles(The Grove)and Miami(Dadeland Mall).Balenciaga entered New Jersey with a 10,000 s.f.store at American Dream while Saint Laurent entere

39、d Maui(The Shops at Wailea)and Denver(Cherry Creek Shopping Center).LVMH-owned brands entered new markets as well.Orlando saw its first Dior store at the Mall at Millenia,Loewes made its Massachusetts debut at Copley Place following its Texas debut at Highland Park Village,and San Diego saw its firs

40、t Celine store at Fashion Valley.On the West Coast,OTB Brand performed a new luxury opening hat trick in Costa Mesa(South Coast Plaza),simultaneously launching three of its brands:Jil Sander,Maison Margiela and Marni,in adjacent boutiques.Versace added to its limited collection of boutiques in the U

41、.S.,expanding its presence in Texas by opening a new store at The Domain in Austin,following its entry into Philadelphia with new boutique opening at King of Prussia in 2023.Luxury brands use malls to enter new markets and expand in existing marketsSource:JLL ResearchGroup/OwnerBrandCityLocationDate

42、KeringGucciLos AngelesThe GroveQ2 2024LVMHLoeweBostonCopley PlaceQ2 2024LVMHCelineSan DiegoFashion ValleyQ2 2024KeringGucciMiamiDadeland MallQ2 2024KeringBalenciagaEast RutherfordAmerican DreamQ1 2024KeringSaint LaurentDenverCherry CreekQ1 2024Capri HoldingsVersaceAustinThe DomainQ1 2024OTB BrandJil

43、 SanderCosta MesaSouth Coast PlazaQ1 2024OTB BrandMaison MargielaCosta MesaSouth Coast PlazaQ1 2024OTB BrandMarniCosta MesaSouth Coast PlazaQ1 2024KeringSaint LaurentMauiThe Shops at WaileaQ4 2023LVMHLoeweDallasHighland Park VillageQ4 2023LVMHBulgariLos AngelesWestfield TopangaQ4 2023Capri HoldingsV

44、ersaceKing of PrussiaKing of PrussiaQ3 2023Dumas FamilyHermesLos AngelesWestfield TopangaQ3 2023LVMHDiorOrlandoMall at MilleniaQ3 2023Source:JLL ResearchLuxury report-2024 JONES LANG LASALLE IP,INC.2024In a challenging environment,luxury brands reposition and reinvest1603Luxury report-2024 JONES LAN

45、G LASALLE IP,INC.2024Increasing importance of in-store experiences17While e-commerces share of total retail sales has risen to 16%in Q2 2024,it remains below the pandemic high of 16.4%in Q2 2020 a clear indication that physical stores remain central in the consumer shopping experience as over 80%of

46、retail sales still occur in stores.According to Bain&Company*,monoband stores saw strong growth in 2023 as the largest distribution channel,reinforcing the importance of luxury brands establishing and maintaining a physical presence as a direct point of contact between luxury brands and consumers.Al

47、so,as the scarcity of desirable retail space continues to impact the growth of luxury retail stores in the U.S.,luxury brands with an established presence in major markets will find it crucial to reinvest in their existing flagships to personalize the in-store experiences consumers have with the lux

48、ury brands by providing the highest level of customer service to cultivate the best experiences.Ecommerce as%of total retail sales16.4%16.0%0%2%4%6%8%10%12%14%16%18%2019 Q22020 Q22021 Q22022 Q22023 Q22024 Q2(20)(10)0102030402019 Q22020 Q22021 Q22022 Q22023 Q22024 Q2Source:JLL Research,CoStarNet reta

49、il absorption in millions of square feetSource:JLL Research,U.S.Census BureauSource:Bain&Company 2024 Luxury Goods Worldwide StudyLuxury report-2024 JONES LANG LASALLE IP,INC.2024Repositioning through expansion18One way luxury brands are repositioning is through the expansion of existing stores.This

50、 added space gives them more room to form connections with consumers by providing unique in-store experiences.Gucci,Louis Vuitton,and Chanel have invested in expanding existing mall locations in major markets across the United States.Unlike prime corridors,which lack available retail space,malls pro

51、vide more opportunities for brands to expand into larger spaces by allowing them to relocate within the mall or through renovations of their existing stores.Costa Mesas South Coast Plaza saw a wave of luxury brands renovate stores and expand footprints.Guccis revamp and expansion overshadowed all th

52、e other expansions within the mall,with a recently expanded 17,500 s.f.boutique,which offers double the floor space across two floors.Luxury brands reinvest in existing stores and expand their footprintsSource:JLL ResearchLuxury BrandMarketLocationNew s.f.DateGucciOrange County(CA)South Coast Plaza1

53、7,500Q2 2024Louis VuittonAtlantaLenox Square14,000Q2 2023GucciDallas/Forth-WorthNorthPark Center12,000Q3 2023CartierOrange County(CA)South Coast Plaza8,000Q2 2024HermsChicagoGold Coast7,785Q4 2023GucciAtlantaLenox Square6,500Q2 2024ChanelDallas/Forth-WorthHighland Park Village6,500Q1 2024Louis Vuitt

54、onDallas/Forth-WorthGalleria Dallas6,337Q4 2023GucciAspen204 S Galena St5,600Q4 2023ChanelWashington,D.C.Tysons Galleria5,000Q2 2024BulgariOrange County(CA)South Coast Plaza5,000Q2 2024AmiriLos AngelesBeverly Hills Triangle4,300Q2 2023Louis VuittonWashington,D.C.CityCenter DC4,000Q1 2023Van Cleef&Ar

55、pelsOrange County(CA)South Coast Plaza4,200Q4 2023Jaeger-LeCoultreNew York CityMadison Avenue2,325Q1 2024Luxury report-2024 JONES LANG LASALLE IP,INC.2024Demand shifts to new corridors within New York and Chicago19In Chicago and New York,demand for prime retail space has shifted to new corridors wit

56、hin each city,proving that luxury wants to be around luxury.In New York City,the resurgence of the affluent Upper East Side shopper and the availability of ample space along Madison Avenue has sparked a new wave of openings from luxury brands.While the luxury co-tenancy on Madison Avenue has strengt

57、hened over the past year,the availability of prime retail space along the corridor has declined drastically,with the availability rate falling to 5.0%in Q2 2024 down 6.5%from Q2 2023*.In Chicago,luxury brands have found a new home in the Gold Coast,enticed by the neighborhoods affluential residentia

58、l base,strong luxury co-tenancy,and smaller store formats.Recently,Cartier opened a new boutique at 15 East Oak Street,joining the likes of Chanel and Van Cleef&Arpels who left Michigan Avenue for the Gold Coast.Recent openings from first-to-market luxury brands such as Balenciaga and Loewe have rei

59、nforced the Gold Coasts reputation as an epicenter of Chicago luxury retail.*JLL New York Retail Market Perspectives Q2 2024Luxury report-2024 JONES LANG LASALLE IP,INC.2024A real estate buying spree20Prada Group and Kering made noise recently by purchasing prime real estate along Fifth Avenue.Kerin

60、g paid nearly$1 billion for a property comprising 115,000 s.f.of multi-level luxury retail space.Prada Group acquired a pair of adjacent office buildings one of which houses its Fifth Avenue flagship for a total of$835 million.These acquisitions mark a shift in strategy by some luxury conglomerates

61、that have chosen to own property in the most desirable prime corridors,paying an expensive premium in the process.These acquisitions can be seen as long-term investments by luxury brands who expect to be around for a long time in select major markets,while also reaping the benefits of owning propert

62、ies in prime locations,such as insulation from rising rents.With prime corridors like Fifth Avenue,Madison Avenue,and Rodeo Drive having low availability rates,purchasing properties in these locations can be strategic as well,as these purchases can restrict new entrants to the market by competitors,

63、helping already established brands maintain standing in those markets.Notable U.S.real estate acquisitions by major conglomerates/retailers since 2020Source:JLL Research,Real Capital Analytics,CoStarConglomerate/retailerCityPropertyCost($mil.)DatePrada GroupNew York730 Fifth Ave.$12.6Q2 2024KeringNe

64、w York715 717 Fifth Ave.$963Q1 2024AkrisNew York772 Madison Ave.&21 E 66th St.$40.6 Q1 2024Prada GroupNew York724 Fifth Ave.$425Q4 2023Prada GroupNew York720 Fifth Ave.$410 Q4 2023LVMHBeverly Hills357 N.Beverly Dr.$43Q1 2023LVMHEast Hampton1 N Main St$22Q1 2023AkrisNew York121 Greene St(Retail Condo

65、)$14Q1 2023AkrisNew York833 Madison Ave.$17.5Q4 2022ChanelSan Francisco340 Post Street$63 Q4 2021AkrisNew York831,835,837 Madison Ave.$45Q4 2020LVMHBeverly Hills449-453 N Beverly Dr.$30Q2 2020Luxury report-2024 JONES LANG LASALLE IP,INC.2024M&A activity drives growth and reshapescompetition2104Luxur

66、y report-2024 JONES LANG LASALLE IP,INC.202422In a highly competitive and fragmented luxury environment,conglomerates are turning to mergers and acquisitions to remain competitive and stay relevant.Conglomerates stand to gain more negotiation leverage over landlords as they control more brands and r

67、each a wider audience Additionally,larger organizations benefit from operational efficiencies due to their scale.Luxury turns to mergers&acquisitionsMajor merger&acquisition activity since 2023CostCostAnnouncedAnnouncedStatusStatusSignificanceSignificanceTapestry Capri Holdings$8.5 billionAugust 202

68、3FTC suitUniting six luxury brands under one roof:Coach,Kate Spade,Stuart Weitzman,Versace,Jimmy Choo and Michael KorsSaks Fifth Avenue Neiman Marcus Group$2.6 billionMay 2024Awaiting regulatory approvalsCreation of Saks Global,which will contain Saks Fifth Avenue,Saks OFF 5TH,Neiman Marcus and Berg

69、dorf Goodman brands Includes all U.S.assets for HBC&Neiman Marcus Group-a real estate portfolio worth$7 billionLOral-Aesop$2.5 billionApril 2023CompletedAesop operated 400 points of sale across Americas,Europe,Australia and Asia at time of announcementKering-Valentino$1.9 billionJuly 2023CompletedAc

70、quisition of 30%shareholding in Valentino with option to acquire 100%no later than 2028Richemont Gianvito Rossi$286 millionJuly 2023CompletedAcquisition of controlling stake(70%)in Gianvito Rossi,enhancing Richemonts portfolio of fashion&accessories luxury brandsLuxury report-2024 JONES LANG LASALLE

71、 IP,INC.202423According to Bain and Company*,the jewelry and watches categories continued to grow in 2023,with jewelry standing out as a top performer as consumers view jewelry a good investments amidst economic uncertainty.Luxury brands bet on fine jewelry and watchesRecent acquisitions involving j

72、ewelry and watch brandsCostCostSignificanceSignificanceChanel MB&FUndisclosedAcquisition of a minority stake(25%)in Swiss watchmaker MB&F,reinforcing presence in high-end watchmakingWatches of Switzerland Roberto Coin Inc.$130 millionGives exclusive rights to import and distribute Roberto Coin jewel

73、ry in North and Central America,along with the CaribbeanRichemont-Vhernierundisclosed100%acquisition of Vhernier,strengthening Richemonts portfolio of renowned jewelry brandsSource:Bain&Company 2024 Luxury Goods Worldwide StudyLuxury report-2024 JONES LANG LASALLE IP,INC.2024Luxury traveltrends:luxu

74、ryretail partnerswith hospitalityto enhanceexperiences2405Luxury report-2024 JONES LANG LASALLE IP,INC.2024Luxury retail benefits from travel growth25The hospitality industry provides another potential avenue of growth for luxury retailers as travel levels continue to rise in a post-pandemic environ

75、ment where consumers desire new experiences.According to The Business of Fashion(BOF)and McKinsey and Companys annual report on the state of fashion*,global travel was projected to surpass pre-pandemic levels in 2024.80%of travelers expected to purchase apparel and accessories during their travels i

76、n 2024,according to The BOF McKinsey State of Fashion 2024 Consumer Survey of consumers in the U.S.,UK,and China.The U.S.ranks as the number one economy for travel and tourism in the World Economic Forums Travel&Tourism Development Index.*International visitation to the U.S.is forecasted to make a f

77、ull recovery by the end of 2025.International arrivals*to the U.S.is forecasted to recover to 2019 levels in 2025 Source:International Trade Administration-National Travel&Tourism Office(February 2024)*Internation visitor are defined as an individual who stays in a country they are not a resident of

78、 for at least one night but less than one year,and for any main purpose(business,pleasure,any other personal purpose).*Business of Fashion&McKinsey and Companys 2024 State of Fashion Report*World Economic Forum&University of Surreys Travel&Tourism Development Index 2024(set of factors and policies t

79、hat enable the development of a countrys tourism sector which contributes to the development of a country)79.419.222.350.966.577.785.291.194.696.82019202020212022202320242025202620272028International arrivals(in millions)Luxury report-2024 JONES LANG LASALLE IP,INC.2024Saks Fifth Avenue expands hote

80、l presence26In June 2023,Saks Fifth Avenue announced a partnership with leading luxury resort operators,such as Marriot International,to open its Fifth Avenue Club concept-a personal shopping and styling service in standalone suites in hotels and resorts in markets across the United States.Prior to

81、this partnership,Fifth Avenue Clubs were located within Sak Fifth Avenue stores,which elevated the customers in-store experiences through the highest level of personalized service.Following the success of the Fifth Avenue Clubs expansion into select hotels and resorts,Saks Fifth Avenue announced in

82、June 2024 that it would increase the total number of standalone locations in hotels and resorts to 20 by the end of 2024.The opening of Fifth Avenue Club at Rancho Valencia Resort&Space in Rancho Santa Fe,California,in September 2024 will bring the total hotel/resort count to 15,with nearly half bei

83、ng housed within Marriott International-operated hotels.Fifth Avenue Club standalone locations*by hotel/resort parent companySource:Saks Fifth Avenue*As of August 26,2024,there are a total of 15 standalone locations in luxury hotels or resorts listed by Saks Fifth Avenue0246810MarriottInternationalA

84、ubergeResortsCollectionHighgateHotelsHiltonWorldwideRanchoValenciaResort&SpaRosewoodHotel GroupTheDewberryCharlestonNumber of Fifth Avenue Club locationsLuxury report-2024 JONES LANG LASALLE IP,INC.2024Luxury retail mixes with hospitality27In March 2023,the Four Seasons Hotel in Houston,Texas partne

85、red with Vivrelle,a membership club that provides access to a collection of luxury accessories from major brands,offering hotel guests complimentary access to Virelles on-property collection during their stay.Las Vegas welcomed its newest luxury resort in late 2023,with the grand opening of the$3.7

86、billion Fontainebleau Las Vegas on the Las Vegas Strip.Ushering a new era for luxury hospitality,guests can experience a visionary luxury shopping experience through a unique collection of curated boutiques within 90,000-s.f.across two floors,which includes major brands such as Chrome Hearts,Missoni

87、,and Alexander Wang.In California,the luxurious Rosewood Miramar resort located in the affluent community of Montecito shows no signs of slowing down in terms of luxury enhancements,with recent openings from Bottega Venetta and Zegna in retail bungalows near the resorts entrance.Currently,owner/deve

88、loper Rick Caruso has proposed an expansion of the luxury resort,with plans to add affordable housing,luxury apartments,and additional luxury retail stores.Luxury report-2024 JONES LANG LASALLE IP,INC.2024Louis Vuitton moves to hospitality space28In a major development by Louis Vuitton,the Parisian

89、fashion house will make a significant hospitality investment,with its first Louis Vuitton hotel planned to open in 2026 on the Champs-Elyses in Paris.LVMH-owned brand Dior had already experimented with blending hospitality and retail on the Champs-Elyses.After completing the renovation of its larges

90、t flagship globally at 30 Avenue Montaigne in 2022,the nearly 108,000 s.f.building included La Suite Dior,a private guest suite.Louis-Vuitton is not the first high end brand to make a significant venture into the hospitality space.In September 2022,home furnisher RH,opened RH Guest House in New York

91、 Citys Meatpacking District.The exclusive hotel features six guest rooms,three suites and a private residence occupying the top floor,along with amenities such as a restaurant,rooftop pool,and champagne and caviar bar.Luxury report-2024 JONES LANG LASALLE IP,INC.2024Considerations for the future of

92、luxury retail2906Luxury report-2024 JONES LANG LASALLE IP,INC.2024While inflation has cooled,prices remain 21%above pre-covid levels,impacting the purchasing power of aspirational consumers30259.2313.52.3%9.0%2.9%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%9.0%10.0%250260270280290300310320CPI IndexY/Y chang

93、eLuxury report-2024Index 1982 1984=100Percent change from a year ago JONES LANG LASALLE IP,INC.2024Lack of supply impacts luxury retail31The supply of available retail space in desirable locations continues to be exceeded by demand.As developers face increased construction costs and elevated interes

94、t rates,retail space deliveries remain at historical lows.While some luxury brands have found opportunities in top performing malls,others have opened new boutiques away from traditional prime urban corridors as they spill over into other streets and sectors of major markets.In Los Angeles,luxury br

95、ands have spilled over to high-performing shopping centers owned by developer Rick Caruso like The Grove,Americana at Brand and Palisades Village.Retail space deliveries remain at historical lows Source:JLL Research,CoStar1774.1%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%01020304050607080901002008 Q12008 Q

96、42009 Q32010 Q22011 Q12011 Q42012 Q32013 Q22014 Q12014 Q42015 Q32016 Q22017 Q12017 Q42018 Q32019 Q22020 Q12020 Q42021 Q32022 Q22023 Q12023 Q4Net DeliveredVacancyMillions of square feetVacancy(%)Luxury report-2024 JONES LANG LASALLE IP,INC.2024Younger,diverse consumer will redefine luxury32With Gen Z

97、 and Gen Y estimated to account for more than 70%of global luxury spending by 2030 according to Bain&Co.,the definition of luxury retail is set to be redefined as a younger and more diverse consumer drives luxury spending.Collaborations,marketing,and store designs will become increasingly important

98、in forming connections with younger generations of consumers that will have had a different gateway into luxury retail,such as streetwear.Streetwear brands are positioning themselves to be near luxury brands.Over the past year,Bape opened its fifth U.S.store in Chicagos Gold Coast,Kith opened its th

99、ird flagship in California in Malibu following its first ever Kith Womens store in New York Citys SoHo,and Palm Angeles landed in SoHo and Southern California(South Coast Plaza).Also,EssilorLuxottica,a global leader in eyewear,recent announcement of its plan to acquire the iconic streetwear brand Su

100、preme from VF Corporation for$1.5 billion reflects the importance of streetwears direct link to the younger and more diverse consumer base that present new opportunities for growth.Luxury report-2024 JONES LANG LASALLE IP,INC.2024Luxury brands leverage star power33From collaborations with star athle

101、tes to celebrities to K-pop sensations,luxury brands are making big moves in appealing to the next generation of consumers.Louis Vuitton achieved every soccer fans wildest dream in November 2022,having Lionel Messi and Cristiano Ronaldo join forces for a Louis Vuitton campaign ahead of the opening d

102、ay of the 2022 FIFA World Cup.In February 2023,Louis Vuitton named Pharrell Williams as its Mens Creative Director,succeeding the late-Virgil Abloh whose Off-White luxury street brand made a giant impact on the fashion industry.Blending music and fashion,Pharell Williams would have Rihanna star in h

103、is first campaign for Louis Vuittons(June 2023 debut),a collaboration with Tyler,the creator for a capsule collection for Spring 2024(March 2024 release),and would name Pusha T as the newest brand ambassador(July 2024).Additionally,K-pop group Blackpinks Lisa would join Louis Vuitton as a house amba

104、ssador in July 2024,joining the likes of BTS J-Hope and Stray Kids Felix.Luxury report-2024 JONES LANG LASALLE IP,INC.2024Appendix:notable store openingsand quarterlyluxury leasingvolumes3407Luxury report-2024 JONES LANG LASALLE IP,INC.2024Notable luxury openings35TenantCityLocationSquare footageDat

105、eSaks Fifth AvenueBeverly HillsBeverly Hills Triangle130,000Q1 2024ValentinoNew YorkMadison Avenue25,418Q4 2023CartierNew YorkSoHo11,000Q4 2023BalenciagaEast RutherfordAmerican Dream10,462Q1 2024BalenciagaCosta MesaSouth Coast Plaza9,700Q4 2023GucciLos AngelesThe Grove8,000Q2 2024HermesLos AngelesWe

106、stfield Topanga7,500Q3 2023BalenciagaChicagoGold Coast6,900Q2 2024CartierChicagoGold Coast6,500Q2 2024GucciMiamiDadeland Mall6,000Q2 2024BalenciagaBeverly HillsBeverly Hills Triangle5,920Q3 2023Saint LaurentLos AngelesPalisades Village4,564Q4 2023CelineSan DiegoFashion Valley Mall4,258Q2 2024GucciMi

107、amiDesign District4,200Q4 2023Jil SanderBeverly Hills9970 S Santa Monica Blvd4,200Q1 2024Source:JLL ResearchLuxury report-2024 JONES LANG LASALLE IP,INC.2024Notable luxury openings(continued)36TenantCityLocationSquare footageDateDolce&GabbanaMcLeanTysons Galleria4,004Q3 2023Tiffany&CoMiamiDesign Dis

108、trict4,000Q2 2024FendiAtlantaPhipps Plaza3,853Q3 2023HermesPrincetonPalmer Square3,600Q2 2024Johanna OrtizNew YorkMadison Avenue3,422Q2 2024VersaceAustinThe Domain3,343Q1 2024VersaceKing of PrussiaKing of Prussia3,158Q3 2023ChanelNew YorkFifth Avenue3,000Q1 2024AmiriCosta MesaSouth Coast Plaza3,000Q

109、3 2024BulgariLos AngelesWestfield Topanga2,960Q4 2023BalmainCosta MesaSouth Coast Plaza2,670Q4 2023ValentinoNew YorkSoHo2,475Q1 2024IWC SchaffhausenNew YorkMadison Avenue2,400Q2 2024LanvinNew YorkMadison Avenue2,150Q3 2023MonclerAtlantaLenox Square1,800Q2 2024Source:JLL ResearchLuxury report-2024 JO

110、NES LANG LASALLE IP,INC.2024Square feet of luxury leased per quarter37040,00080,000120,000160,000200,0002023 Q12023 Q22023 Q32023 Q42024 Q12024 Q2Source:JLL Research,CoStar*Due to a change in methodology for this iteration of JLLs annual Luxury Report,with the analysis covering a period between July

111、 2023 to July 2024between July 2023 to July 2024,the luxury leasing and openings figures are not comparable to past reports.Luxury report-2024Square feet JONES LANG LASALLE IP,INC.2024Research authorsResearch at JLLJLLs research team delivers intelligence,analysis and insight through market leading

112、reports and services that illuminate todays commercial real estate dynamics and identify tomorrows challenges and opportunities.Our more than 550 global research professionals track and analyze economic and property trends and forecast future conditions in over 60 countries,producing unrivalled loca

113、l and global perspectives.Our research and expertise,fueled by real-time information and innovative thinking around the world,creates a competitive advantage for our clients and drives successful strategies and optimal real estate decisions.Saul Lua(author)Analyst of ResearchRetail JLLJames CookAmer

114、icas Director of Research,Retail JLLHeli BrecailoManager of Research,Retail JLLAbout JLLFor over 200 years,JLL(NYSE:JLL),a leading global commercial real estate and investment management company,has helped clients buy,build,occupy,manage and invest in a variety of commercial,industrial,hotel,residen

115、tial and retail properties.A Fortune 500 company with annual revenue of$20.8 billion and operations in over 80 countries around the world,our more than 108,000 employees bring the power of a global platform combined with local expertise.Driven by our purpose to shape the future of real estate for a

116、better world,we help our clients,people and communities SEE A BRIGHTER WAYSM.JLL is the brand name,and a registered trademark,of Jones Lang LaSalle Incorporated.For further information,visit .COPYRIGHT JONES LANG LASALLE IP,INC.2024This report has been prepared solely for information purposes and do

117、es not necessarily purport to be a complete analysis of the topics discussed,which are inherently unpredictable.It has been based on sources we believe to be reliable,but we have not independently verified those sources and we do not guarantee that the information in the report is accurate or comple

118、te.Any views expressed in the report reflect our judgment at this date and are subject to change without notice.Statements that are forward-looking involve known and unknown risks and uncertainties that may cause future realities to be materially different from those implied by such forward-looking statements.Advice we give to clients in particular situations may differ from the views expressed in this report.No investment or other business decisions should be made based solely on the views expressed in this report.Keisha VirtueSenior Analyst of Research,Retail JLL