Luxury brands eye Budapest

Gucci Group, Burberry and Starbucks are amongst retailers planning to open their first stores in Hungary this year. Other companies that may enter the market include Arcadia Group billionaire Philip Green's Top Shop, Guess, Claire's Stores and Body Shop International.

Luxury brands are looking for rental property on Budapest's Andrássy Avenue, home of the State Opera House, where Louis Vuitton opened its store last year, Napi said. High street retailers are more likely to open stores on Váci Street or in shopping malls. With healthy economic growth and a demand for luxury brands, East European cities such as Budapest, Bucharest and Ljubljana are quickly becoming shopping meccas, like Paris, Milan and London.