London's West End named top retail destination in Europe
London's West End has been ranked the top retail destination in Europe in a new study by the New West End Company, commissioned with global retail estate service provider Savills.
As the New West End Company's launches it 2016 Global Retail Destination Index, it says this “Window to the World” report compared London’s West End to main shopping destinations in other major global cities, to determine its attractiveness from a visitor and a retailer perspective.
The West End is one of the world's largest retail destinations with its over 600 domestic and international brands and well-known addresses like Bond Street, Regent Street and Oxford Street. On Bond Street, 96.5% of all ground floor uses are occupied by retail brands, and all top ten global luxury brands by value have a presence on the street.
This unique offer is an added draw for international visitors, the report showed, as London topped Mastercard’s Global Destination Cities Index again in 2015, attracting 18.8m overseas visitors spending a total of £13.2bn (US$20.2 billion).
Nearly all, 96%, of retailers stated that they would recommend London as a place to trade. By 2020, London's West End retail sales are forecast to rise by 27.8% to £11.3bn (US$16.4 billion) due to the arrival of Crossrail, which will also bring an additional 60m people into the area every year.
The report found that the West End is the leading European retail destination and second only to New York globally. And the gap in retail sales between the two cities is forecast to narrow over time, with the growth in London’s retail sales expected to outpace that of New York with an average growth of 2.9% per annum through to the end of 2020, compared to 2.7% per annum forecast for New York.
Jace Tyrell, Chief Executive at New West End Company, 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. “
Anthony Selwyn, Head of Savills Central London Retail, 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."
The New West End Company was recently given the green light for its ballot to become one of the first UK Property Owner Business Improvement Districts (BIDs).
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