LONDON, Sept. 29 (People's Daily Online) —— Big boom demand in luxury discovery brands, more young brands compete to open their first European flagship in The London Luxury Quarter. Twenty nine new brands have opened in the area this year, from luxury boutiques to global fashion houses, and with £1.3 billion being invested into the area over the next five to 10 years and 12 more new brands announced including Victoria Beckham's much anticipated first store, the Quarter is cementing its longstanding position as the world’s leading luxury destination.

Investment in the Quarter is seeing more and more luxury businesses open across Mayfair, Piccadilly and St James's. The effect is creating a distinct luxury quarter with younger brands having the rare opportunity to open flagships in this prestigious area. Demand for retail space on Bond Street is at an all-time high and rents have reached a record £1200 per sqft according to Jones Lang LaSalle.

Mark Henderson, Chairman of the London Luxury Quarter, says, “The Quarter has a truly unique composition, where new independent brands sit side by side with global luxury powerhouses. Brands coming to the area benefit not only from spend by the affluent local residents but as home to world famous five star hotels, fine restaurants and an esteemed art scene, the Quarter attracts high net worth individuals from across the globe, offering an enormous opportunity for spend growth."

According to Global Blue, retail tourism experts, 2013 figures showed international shoppers spent 57 percent more in the London Luxury Quarter than anywhere else in the UK. The top spending international shopper group is the Chinese, representing 24 percent of total international tax free spend and spending upwards of £1,557 per transaction, closely followed by shoppers from the Middle East who come to the Quarter in search of high-end British designer fashion and accessories.

Recognising the opportunity, property owners are investing significantly in improving and expanding their portfolio in the area. In addition to the ongoing investment in North Mayfair across Davies Street, Duke Street and Grosvenor Street, this month Grosvenor will be marking the opening of The Beaumont Hotel at Brown Hart Gardens, the first hotel venture by famed restaurateurs Corbin and King. The Crown Estate has also embarked on a £500 million development of St James’s which will see it sensitively refine its holdings, preserving the historic character of the area and creating new, distinct destinations for world class shopping and dining. This process will create new, modern retail and restaurant spaces to attract a range of occupiers which reflect St James’s rich sense of heritage and reputation for high quality, luxury products and services.

James Cooksey, Head of The St James’s Portfolio at The Crown Estate, comments, “St James’s is a fantastic part of London – a place with a distinct sense of heritage in the heart of the bustling West End. Now 3 years into a £500 million, 10 year investment programme, we are working to sensitively enhance the area whilst protecting its rich heritage. With the likes of Jamie Oliver, Philippe Le Roux and Angela Hartnett now among our eclectic mix of restaurant tenants, and Osprey, Sunspel and Barbour International amongst the fashion offer, this is further evidence that our investment is ensuring St James’s continues to evolve as one of London’s premier fashion and dining destinations.”

Michael Wainwright, Managing Director, Boodles, says, “We are fortunate enough to be a longstanding occupant of Bond Street and have seen first-hand the benefits of being in a world renowned luxury area. As an independent brand ourselves, the association with the prestige of the area has elevated our brand profile and the high net worth spend opportunity is second to none. When we were looking at where to increase our presence, we chose to expand our Bond Street store instead of looking overseas as we believe there is plenty more growth for us in the luxury environment which is Bond Street."

Simon Burstein, CEO, Browns Fashion, adds, “Mayfair has always been synonymous with luxury and, as the oldest tenant on South Molton Street, Browns has been proud to act as a platform for new luxury designers to breakthrough into the area. The new developments bring with it a unique offer and also an increasing international audience, so we would not currently choose to locate either our flagship Browns store, Browns Bride or Vera Wang at Browns anywhere else in the Capital.”

Peter Wetherell, Chairman of The Mount Street Traders Association and Chief Executive of Wetherell, says “Mount Street is now one of the most exclusive retail destination locations in the world. The street has undergone substantial improvements and estate management by Grosvenor that has resulted in global retailers looking at the location as a ‘sister’ to Bond Street and elite brands now nestle next to each other in the heritage terracotta buildings.”