London’s West End Named Top Retail Destination in Europe

Posted on 16 March, 2016 by Chris Grigorovsky

A new 2016 Global Retail Destination Index launched today at MIPIM, has revealed London as top retail destination in Europe.

London’s West End Named 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.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recent Posts

The latest property data has identified Newquay as the fastest property seller’s market in the UK

Investing in your garden can increase your property’s value

French Riviera temping high-end homebuyers

How can the ownership rights of my commercial property impact a business sale?

Should I incorporate virtual property viewings permanently?

Investment expected to increase across Asia-Pacific in 2021

UK property industry slows as the conclusion of tax break looms

BNP Paribas cautioned investors on Friday as debt-trading bonanza that increased its earnings this past year

Over 300,000 property purchases fell through in 2020 – we show the most frequent motives and the best way to get your house sale back on track

House Prices in the Capital Surpass £500,000

Optimism from the Bank of England’s chief economist

The most expensive commercial properties.

Businesses operating from shared premises will miss out on grants

BA cuts 12,000 jobs, unions hit back

Media Streaming Service See Record Subscriptions

Covid-19 Causes Millions To Claim UK Furlough Scheme