Chinese open shops as capital defies gloom

Chinese retailers are planning to open shops in London this year, as retail analysts say the capital remains a premier shopping destination despite the continuing gloomy economic outlook.

Bosideng, a Chinese fashion company, has opened a branch in South Molton Street and other companies plan to use branches in Regent Street and Bond Street as a springboard into the rest of Europe, according to a report by property agent Jones Lang LaSalle.

The report, based on information from 250 companies, said London was the most attractive retail location in Europe, ahead of Paris and Moscow. Guy Grainger, head of retail at JLL, said: “We expect further international retailers’ expansion into London, in particular from US and Chinese brands.”

Although shopping centres such as Westfield London will see sales increase this year, Mr Grainger warned that many high streets would suffer closures as leases expire.