London Daily

Focus on the big picture.
Tuesday, Sep 16, 2025

Luxury brands find their place in the retail revolution despite the pandemic

Luxury brands find their place in the retail revolution despite the pandemic

Online shopping has increased dramatically in recent years – helped by COVID-19. Many high street shops have been forced to close, but there are signs of a resurgence in demand for physical shopping, particularly amongst luxury brands. The Exchange looks at the direction retail is taking.

The global retail industry has an estimated worth of 20 trillion euros. It's big business, but it's also a business that has changed beyond recognition over the last decade.

Retailers have had to rethink their strategies in order to compete in the market. More and more brands have moved to only online trading as digital sales soar.

The pandemic also altered the sector, putting the final nail in the coffin of many struggling high street shops as restrictions meant many were closed to the public.

Luxury brand success


However, the sale of luxury products has largely weathered the COVID-19 storm and luxury brands have played a big role in this retail revolution. Over the last 10 years, they have grown and recent estimates put the value of the sector at over 320 billion euros.

High-end brands haven't come out of the pandemic entirely unscathed though. In 2020, the sale of luxury goods dropped between 25 to 45%. The news isn't entirely negative. Analysts from Boston Consulting Group predict the industry will bounce back by as early as 2023.

Even though retailers are starting to see some kind of normality return to the retail industry, as stores have reopened across most countries, simply returning to old shopping habits has not been easy for everyone.

Shopping habits


Dominique Boesch is the European Managing Director of luxury car brand Genesis. He told us that he thinks "the pandemic has changed consumer habits. Online, and home and pick up deliveries have become the new normal".

On the other hand, he also thinks it's true to say that "there is still, for all customers, a real passion for retail shopping".

Karine Szegedi, the Head of Fashion and Luxury for Deloitte in Geneva, described to euronews one of their 18-month studies to track consumer behaviour. The results of this show that globally 59% of consumers now feel safe to go back into stores compared to 45% in January.

"But there is still 40% of the population that does not feel safe to go to stores, so those who go to stores they convert because they don’t want to shop around they want to buy quite quickly", she explained.

However, this fear or reluctance to physically return to shops may not be shared by every country.

A multibillion-euro mall


In the city of Lusail in Qatar a million square meters of retail innovation are currently under construction. Euronews got exclusive access to this multibillion-euro mega mall aptly called Place Vendome, after Paris' fashionable square.

Much of the decor inside is inspired by the French capital as well. The huge rotunda mimics the Grand Palais, even in the choice of colour.

The Grand Palais inspired rotunda at Place Vendome, Qatar


'Phygital'


The space is expected to incorporate the latest technology. Project Director, Sean Kelly, explained to euronews that there is a 'find your car' solution as part of the larger Place Vendome app. The app will cover all things related to the mall to "make sure everybody’s connected", he added.


For a super mall to be set up and open in challenging climates, the drivers behind such a project must feel the physical retail industry is still full of opportunities and growth prospects.

Place Vendome is expected to open in September and its developers are eager to take the retail experience to the next level.

Tackling the European market


A slice of Paris is being taken to Qatar and now a bit of South Korea is going to Europe. Car manufacturer Genesis is taking on the ultra-competitive luxury car market. After launching in South Korea just five years ago and competing with brands like BMW and Mercedes in the US and in China, they're expanding.

Their European Managing Director, Dominique Boesch, told us about their European strategy. According to him, "the European market is by far the most sophisticated and the most competitive premium car market in the world". The company hopes to win people over by providing "an experience that goes beyond the product" mainly by giving them access to a Genesis personal assistant "who will support them all along the journey".


'Sonnim'


Boesch says that it is part of the Korean culture that the company wants to bring to Europe. Sonnim in Korean is a word that means a visitor to one's home. That is "how we want to treat our customers" (...) "in our stores, in our shops, we want to treat visitors, prospects, customers as if they are our private guests in our home", he explains.

Newsletter

Related Articles

0:00
0:00
Close
U.S. and Britain Poised to Finalize Over $10 Billion in High-Tech, Nuclear and Defense Deals During Trump State Visit
China Finds Nvidia Violated Antitrust Laws in Mellanox Deal, Deepens Trade Tensions with US
US Air Force Begins Modifications on Qatar-Donated Jet Amid Plans to Use It as Air Force One
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
Elon Musk Retakes Lead as World’s Richest After Brief Ellison Surge
U.S. and China Agree on Framework to Shift TikTok to American Ownership
London Daily Podcast: London Massive Pro Democracy Rally, Musk Support, UK Economic Data and Premier League Results Mark Eventful Weekend
This Week in AI: Meta’s Superintelligence Push, xAI’s Ten Billion-Dollar Raise, Genesis AI’s Robotics Ambitions, Microsoft Restructuring, Amazon’s Million-Robot Milestone, and Google’s AlphaGenome Update
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Musk calls for new UK government at huge pro-democracy rally in London, but Britons have been brainwashed to obey instead of fighting for their human rights
Elon Musk responds to post calling for the murder of Erika Kirk, widow of Charlie Kirk: 'Either we fight back or they will kill us'
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
USA: Office Depot Employees Refused to Print Poster in Memory of Charlie Kirk – and Were Fired
Proposed U.S. Bill Would Allow Civil Suits Against Judges Who Release Repeat Violent Offenders
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
French Debt Downgrade Piles Pressure on Macron’s New Prime Minister
US and UK Near Tech, Nuclear and Whisky Deals Ahead of Trump Trip
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
Anesthesiologist Left Operation Mid-Surgery to Have Sex with Nurse
Tens of Thousands of Young Chinese Get Up Every Morning and Go to Work Where They Do Nothing
The New Life of Novak Djokovic
The German Owner of Politico Mathias Döpfner Eyes Further U.S. Media Expansion After Axel Springer Restructuring
Suspect Arrested: Utah Man in Custody for Charlie Kirk’s Fatal Shooting
In a politically motivated trial: Bolsonaro Sentenced to 27 Years for Plotting Coup After 2022 Defeat
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
ChatGPT CEO signals policy to alert authorities over suicidal youth after teen’s death
The British legal mafia hit back: Banksy mural of judge beating protester is scrubbed from London court
Surpassing Musk: Larry Ellison becomes the richest man in the world
Embarrassment for Starmer: He fired the ambassador photographed on Epstein’s 'pedophile island'
Manhunt after 'skilled sniper' shot Charlie Kirk. Footage: Suspect running on rooftop during panic
Effective Protest Results: Nepal’s Prime Minister Resigns as Youth-Led Unrest Shakes the Nation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
King Charles and Prince Harry Share First In-Person Moment in 19 Months
Starmer Establishes Economic ‘Budget Board’ to Centralise Policy and Rebuild Business Trust
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Brazilian police say ex-President Bolsonaro had planned to flee to Argentina seeking asylum
Trinidad Leader Applauds U.S. Naval Strike and Advocates Forceful Action Against Traffickers
Kim Jong Un Oversees Final Test of New High-Thrust Solid-Fuel Rocket Engine
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Supreme Court temporarily allows Trump to pause billions in foreign aid
Charlie Sheen says his father, Martin Sheen, turned him in to the police: 'The greatest betrayal possible'
Vatican hosts first Catholic LGBTQ pilgrimage
×