London’s West End has cemented its place as the most popular location in Europe by retail spend, with five British cities making the top 20.
|Rank||Location||Country||2017 market size||Change vs 2016|
|1||London West End||UK||£9,141,226,044||0|
|32||Newcastle upon Tyne||UK||£2,796,940,154||+2|
The capital’s Oxford Street, Regent Street, Bond Street and surrounding area is now worth £9.14bn per year in sales, according to data from retail property advisors Harper Dennis Hobbs.
The West End established a commanding lead over second-placed Paris, which now rakes in £8.14bn annually in retail spend.
Third-placed Madrid was a further £3bn further back, with a market worth £5.13bn.
According to Harper Dennis Hobbs’ European Retail Rankings, the top six locations – completed by Rome, Munich and Berlin – remained unchanged.
In contrast, a thriving out of town shopping centre market in Turkey has had a negative impact on retail performance in the heart of Istanbul.
Glasgow was the next biggest UK city in terms of retail spend, but its £4.26bn market was not enough to prevent it dropping one place to 12th in the table, after being toppled by Dutch capital Amsterdam.
Birmingham edged up one spot to 13th, buoyed by the success of Grand Central, and Manchester was just two places behind in 15th place.
Further down Harper Dennis Hobbs’ list, Liverpool came in 24th and Nottingham held 29th position, and Cardiff and Newcastle-upon-Tyne both jumped two places to 31st and 32nd respectively.
Edinburgh was the only other UK city to make the top 50, after claiming 48th place with a retail spend of £2.35bn.
It meant the UK boasted 10 of the top 50 retail locations – more than any other country.
|Country||Number of locations in top 50||% of locations in top 50|
However, despite British success this year, Harper Dennis Hobbs warned that the triggering of Article 50 to start the Brexit process would have “a wide-ranging impact on European retail”, which could result in some retailers “limiting their exposure to the UK.”
But it said that despite the potential turbulence, it expected London to “remain Europe’s pre-eminent centre for some time to come.”
Harper Dennis Hobbs head of retail consultancy, Jonathan De Mello, said: “These rankings take into account both retail sales growth and new retail development, allowing retailers to comprehensively understand which centres are on the rise and plan accordingly.
“While the level of consumer spend coming to a city is a key factor in its success, other elements, such as out-of‐town developments, can significantly impact the performance of a centre.”
The research analyses 15,000 towns and cities across Europe and calculates the flow of spend to each via a ‘gravity model’.