A new 2016 Global Retail Destination Index launched today at MIPIM, has revealed London as top retail destination in Europe.
Created by New West End Company and commissioned with Savills, the “Window to the world” report has ranked London’s West End against other main shopping destinations across the globe.
Home to over 600 stores and 120 international brands, as well as famous addresses like Bond Street, Regent Street and Oxford Street, the West End is one of the largest retail destinations in the world.
International visitors are drawn to what’s on offer, as once again in 2015, it topped Mastercard’s Global Destination Cities Index, with 18.8 million overseas visitors spending £13.2 billion.
The influx of international tourists has given London’s West End increased appeal, as 96% of retailers recommend London as a place to trade.
Due to the arrival of Crossrail, by 2020, retail sales in the area are forecast to increase by 27.8% to £11.3 billion, along with an additional 60 million people coming to the area per year.
Head of Savills Central London Retail, Anthony Selwyn, said: “London is a vibrant, world-class city which represents a unique market for investors, retailers and shoppers alike.
“This piece of research highlights the significant role London’s West End plays in the European retail sector, leading from the front.”
London’s West End is ranked second in the world behind New York, with retail sales set to change between the two cities. By 2020, the average growth is set to outpace New York’s 2.7% with 2.9% per annum.
Commenting on the report, Chief Executive at New West End Company, Jace Tyrell, said: “The “Window to the World” report demonstrates London’s West End’s positive impact on the local and national economy as well as on the property and retail market.
“Supported by the Property Owner Business Improvement District, I am confident that London’s West End will significantly grow over the next five years, securing its position as the top retail destination in Europe and in the top two in the world.”
New West End Company became one of the first UK Property Owner Business Improvement Districts (BIDs) with 96% of the members’ votes in favour, which guarantees a £16m investment plan in over the next five years.
They are now the leading West End business voice representing retail real estate, both London and nationally, which will help secure better funding, increase turnover, encourage business investment and shape policy.
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