Premium fashion brand for men in Brussels
Giving the task to find the right setting for a premium fashion brand for men it is important to be aware of the context where they are going to operate. Therefore, the environment of Brussels has been analyzed to identify possible clusters. Furthermore, research has been done to measure market potential for premium fashion brand for men.
Current retail situation
Since the terror attack in 2016, fashion brands got cautious and some even cancelled their expansion plans of opening a store in Brussels city center. What is more, during the last years Brussels had many construction sites which made it even more unattractive for premium brand to locate their stores in the center. However, it has changed in recent months, there are more tourists than ever as Brussels recovered from the attacks. According to Cushman & Wakefield, the main real estate broker in Brussels, there is a positive trend towards opening new stores since mid of 2017. The main cluster where this trend can be observed is at the Boulevard de Waterloo. These findings are underlined by our observation which showed that many premium and luxury brands have a store in this street. Prada just opened a new store with Dior planning to do the same.
Market potential
Brussels is a business hub, as it is a political center. Therefore, many business men frequent the city. Many notable people, like presidents and important statesmen, stay at “The Hotel” during their business trips, which is also situated near these stores. Similar to Switzerland, all stores are closed on Sundays. The products do not have to be adjusted. First hand observations showed that many men wear hats, so the brand could also design such accessories as statement pieces. Furthermore, it advisable for the brand to offer the full business attire, because many of the other stores offer a similar selection. Competition is high in this area, so it can be seen as a cluster. For a premium brand it is important to be visible and present their nice displays
Recommendations
We have identified three locations where the brand could open its store. First, Boulevard de Waterloo which is the location for the most luxurious brands, like Prada, Louis Vuitton and Gucci. Secondly, we found the Galerie de la Port Louise which houses more male focused brands, like Boggi, Father & Sons and Bexley. Thirdly, we identified Avenue Louis, which is one of the main side streets of the Boulevard the Waterloo, where mostly premium rather than luxurious brands are located. Footfall is by far the highest at the Boulevard of Waterloo, therefore, we suggest opening a store to ensures high visibility. As a closing remark the group would like to emphasis that previous research showed that Belgium is one of the most upcoming retail markets in the future. Hence, the fashion brand should enter the market to profit from its growth.
