New research from Savills shows that North America emerged as the leading region globally for new luxury store openings in 2025, accounting for 27% of total activity — the first time the region has ranked first since Savills began tracking luxury openings a decade ago.
New York also regained its crown as the top location globally for new luxury store openings, marking its return to the top of the rankings since 2019. The city was one of only a small number of markets worldwide to record an increase in activity, with new luxury store openings rising by 23% year‑on‑year in 2025.
This resurgence has been supported by a shift in market conditions across the city’s prime luxury corridors. Increased availability and a rebase in rents over the past three years — most notably along Fifth Avenue and Madison Avenue — have created a clear window of opportunity for brands to secure flagship space. This has translated into a strong spatial concentration of activity, with 56% of New York’s new luxury openings located along these two established luxury corridors.
Anthony Selwyn, co‑head of global retail at Savills, comments: “This performance signals a broader recalibration in brand expansion strategies, with renewed emphasis on cities that combine scale, depth of wealth and long‑term strategic relevance within global luxury networks. New York continues to benefit from its position as the world’s largest high‑net‑worth market, reinforcing its role as a cornerstone destination for brands seeking sustained exposure to resilient, high‑spending customers.”
Overall luxury retail expansion moderated further in 2025, with total new store openings falling to their lowest level since 2020. The slowdown reflects a more cautious occupier environment with brands prioritising quality of presence over scale of network.
The slowdown in activity was evident across all regions. China recorded the most pronounced decline in new openings, exacerbated by timing effects following the delivery of major prime retail schemes in 2024 rather than a fundamental shift in long‑term brand intent. As that development pipeline has been absorbed, new store activity has eased.
By contrast, North America and Europe showed relative regional resilience, with new openings declining by 13% and 8% respectively. Activity continues to concentrate in a smaller number of global and destination cities offering established luxury ecosystems, depth of demand and long‑term strategic relevance.
Marie Hickey, global retail research lead at Savills, adds: “Although overall expansion volumes have softened, the data shows activity becoming more selective rather than retreating. Brands are clearly concentrating investment in markets where demand fundamentals, future growth and long‑term positioning align — a trend clearly reflected in New York’s return to the top of the global rankings.”
