Wealth is on the move in the U.S., and luxury retailers are adjusting their maps in response—pushing beyond the usual coastal strongholds into a broader mix of cities and high-end resort markets.
That shift is starting to redefine where luxury brands are planting flags, even as the U.S. remains the industry's single largest market. Savills estimates it reached $143 billion in 2025, more than double the size of China.
"While the triumvirate of New York, Los Angeles and Miami remains the bedrock of any U.S. strategy, the aperture is widening," Savills reported.
Those three markets still matter most, but they're no longer the whole story. Chicago and Dallas continue to draw interest thanks to their deep pools of wealth, while San Francisco is beginning to find its footing again, helped by return-to-office momentum and a pickup in visitors from the Asia-Pacific region.
Looking ahead, a massive transfer of wealth is expected to further reshape demand. Savills points to an estimated $26 trillion in intergenerational wealth changing hands over the next 20 years, a shift likely to boost luxury spending in tech-driven markets such as San Francisco, Seattle and San Jose.
Resort markets are also gaining ground. Longtime luxury destinations like the Hamptons, Palm Beach and Aspen remain firmly in the mix, but newer entrants—including Park City, Montecito and Jackson Hole—are starting to show up more frequently on expansion plans, with several major brands already establishing a presence.
All of this comes as North America retakes the lead in global luxury store openings, accounting for 27% of new locations in 2025. That puts it ahead of both Europe and China for the first time in a decade, even as overall expansion slowed to its lowest level since 2020.
"The evolving geography of luxury expansion, with brands recalibrating towards markets that offer long term resilience, mature consumer bases and proven global appeal," the report noted, describing a more selective approach to growth.
That selectivity is showing up in how brands think about their physical footprint. In top-tier markets like New York—ranked the world's leading city for new luxury openings for the first time since 2019—many are opting to go bigger rather than broader, focusing on a single, high-impact flagship instead of multiple locations.
"Occupier conditions have also been supportive," Savills pointed out. "Increased availability and a rebase in rents across the city's prime luxury corridors, most notably Fifth Avenue and Madison Avenue, over the past three years have created a window of opportunity for brands to secure flagship space."
Even with that window, competition for the best space remains intense, pushing brands to be more deliberate about where—and how—they expand.
"Occupier strategies have sharpened, with capital increasingly channeled into core markets and selective new growth opportunities where long-term returns and brand activity are most persuasive," the report said.
As wealthy consumers continue to travel between top shopping destinations—France still ranks as the leading draw—being in the right place matters as much as ever.
But across markets, from Manhattan to mountain towns, one challenge keeps coming up.
"The primary barrier to entry is not demand, but the scarcity of available real estate," Savills concluded.
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