Photo: Phil Whitehouse on Flickr
Luxury brands including Louis Vuitton and Burberry are having difficulty expanding in China because there isn’t enough prime real estate to go around.According to a report by CBRE Commercial Research, four out of the five fastest-growing real estate markets are in China. But luxury retailers have trouble finding commercial space that’s up to their standards and won’t settle for the more up-and-coming neighborhoods.
Still, China will continue to dominate development, according to the report: eight out of the 10 fastest-growing markets are there. Even though luxury retailers are puzzling over how to expand, middle-class shopping malls are popping up everywhere.
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