London at top of global league for luxury shop openings

London has topped a global ranking of new luxury shop openings in 2016, cementing the capital’s status as a high-end shopping destination.

A total of 41 new luxury shops opened in London last year, including the French fashion chain Moncler’s Bond Street flagship, against 36 in Paris and 31 in New York and Dubai, Savills’ Global Luxury Report found.

Luxury brands such as Burberry and shops including Harrods and Harvey Nichols have enjoyed a surge in business from tourists flocking to the UK to pick up designer bargains as a result of the weaker pound.

Visitor numbers to the UK from China and Hong Kong have risen by almost 70pc in the four years to 2015, the Office for National Statistics says.

However, despite a tourist boost, the diamond seller De Beers said that it is considering leaving its flagship London store after 15 years because of crippling business rates rise.

Businesses in London could pay an extra £4bn over the next five years under the upcoming rates revaluation.