By Mark Davidson
London has just been named ‘Top Shopping Capital’ in a new study, beating other large shopping cities such as Paris and New York.
The report compiled by the Centre of Retail Research (CRR) and commissioned by online price comparison company Kelkoo shows that London sales hit a massive £64.2 billion in 2010, compared to New York and Paris which made £47 billion and £46.6 billion respectively.
London’s closest rival was Tokyo, which experienced sales levels of £61.4 billion and completed the so-called ‘Retail Super League’ of the top four shopping cities in the world.
In the study the UK’s capital was commended for the variety of shops the city possesses - not just the sheer volume of sales it generates.
Of the 250 major global retail brands, London was home to most (138) - ten more than the next highest representation, Madrid.
West London shopping centre Westfield played a significant role in the capital’s success, with the retail hub’s parent company revealing yesterday that total sales there reached £870 million in the 12 months to December 31st 2010.
Other notable retail destinations in London include Oxford Street, Regent Street, High Street Kensington and the One New Change shopping centre, which opened in The City last October.
Some 22 cities were investigated for the CRR research, and the Retail Super League made up over half of the retail sales in 2010 at a combined £219.1 billion. To emphasise the point, London retail sales were higher than Los Angeles, Milan, Rome, Madrid and Berlin combined.
Chris Simpson, Marketing Director at Kelkoo, said: “London is world famous for its shopping and has now confirmed its status as the premier destination for consumers seeking the ultimate retail shopping experience, holding off stiff competition from traditional rivals such as New York and Paris.
“The key to London’s success appears to be the quality and quantity of shops on offer, combined with the revenue generated by the huge volume of tourists that passes through the UK capital each year. These factors helped London to gross £64.2 billion in retail sales last year.”