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.

Top50property

RankLocationCountry2017 market sizeChange vs 2016
1 London West End UK £9,141,226,044 0
2 Paris France £8,146,992,109 0
3 Madrid Spain £5,133,624,969 0
4 Rome Italy £4,580,489,741 0
5 Munich Germany £4,534,567,370 0
6 Berlin Germany £4,486,660,003 0
7 Barcelona Spain £4,476,588,667 +1
8 Istanbul Turkey £4,366,901,646 -1
9 Milan Italy £4,283,618,411 +1
10 Amsterdam Netherlands £4,278,290,463 +2
11 Zurich Switzerland £4,276,774,227 -2
12 Glasgow UK £4,260,877,222 -1
13 Birmingham UK £3,738,666,154 +1
14 Lisbon Portugal £3,606,767,140 +1
15 Manchester UK £3,534,636,565 +1
16 Moscow Russia £3,411,728,084 -3
17 Vienna Austria £3,237,999,989 +1
18 Hamburg Germany £3,204,031,697 -1
19 Copenhagen Denmark £3,183,721,644 0
20 Leeds UK £3,180,292,167 +1
21 Marseille France £3,149,380,402 +1
22 Oslo Norway £3,136,017,933 -2
23 Dublin Ireland £3,124,034,033 +1
24 Liverpool UK £3,102,829,857 -1
25 Lyon France £3,078,389,064 +1
26 Stockholm Sweden £3,074,068,308 -1
27 Cologne Germany £3,024,901,709 0
28 Frankfurt Germany £3,019,035,868 0
29 Nottingham UK £3,003,776,127 0
30 Turin Italy £2,932,668,126 0
31 Cardiff UK £2,798,170,147 +2
32 Newcastle upon Tyne UK £2,796,940,154 +2
33 Athens Greece £2,766,461,624 -1
34 Prague Czech Republic £2,764,560,097 +1
35 Rotterdam Netherlands £2,710,785,015 +2
36 Brussels Belgium £2,611,793,345 +2
37 Valencia Spain £2,610,153,439 +2
38 Saint Petersburg Russia £2,593,565,486 -7
39 Lille France £2,586,954,535 -3
40 Naples Italy £2,572,933,843 0
41 Düsseldorf Germany £2,537,057,100 0
42 Stuttgart Germany £2,522,055,352 0
43 Warsaw Poland £2,520,697,340 +2
44 Antwerp Belgium £2,493,702,210 -1
45 Helsinki Finland £2,475,601,922 -1
46 Bordeaux France £2,451,967,091 0
47 Toulouse France £2,401,593,114 0
48 Edinburgh UK £2,346,843,910 0
49 Strasbourg France £2,317,272,355 0
50 Gothenburg Sweden £2,259,688,864 0

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.

But Barcelona leapfrogged Istanbul into seventh place, driven by improving retail sales in Spain and the opening of H&M and Zara flagship stores in the city last year.

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.

UK focus

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.

Across the Pennines, Leeds gave the UK its fifth city in the top 20, sneaking into the upper echelons thanks in part to the launch of John Lewis at the new Victoria Gate development.

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.

CountryNumber of locations in top 50% of locations in top 50
UK 10 20%
France 7 14%
Germany 7 14%
Italy 4 8%
Spain 3 6%
Belgium 2 4%
Netherlands 2 4%
Russia 2 4%
Sweden 2 4%
Austria 1 2%
Czech Republic 1 2%
Denmark 1 2%
Finland 1 2%
Greece 1 2%
Ireland 1 2%
Norway 1 2%
Poland 1 2%
Portugal 1 2%
Switzerland 1 2%
Turkey 1 2%

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.”

Methodology

The research analyses 15,000 towns and cities across Europe and calculates the flow of spend to each via a ‘gravity model’.