London’s West End is at risk of losing its title as Europe’s number one shopping destination as pressures from Westfield London and other developments begin to take their toll.
The capital was ranked the number one European shopping destination in an Experian report released this week, trumping closest rivals Paris and Rome. However, Experian director of retail property consultancy Jonathan De Mello told Retail Week that the West End’s chances of maintaining this lead are under threat.
The rankings were based on retail expenditure across all major European cities. However, De Mello said competition from Westfield London, which opened three weeks ago, will result in a 3 to 4 per cent decline in retail expenditure in the West End. “It will have a major effect and it already has done,” he said.
He added that the West End is further threatened by the collective effect of existing and planned shopping destinations such as Brent Cross and Stratford – due to open in 2011.
“All the schemes reaching maturity will cause a 10 per cent drop in turnover [in the West End], putting it below Paris,” said De Mello.
A New West End Company spokesman refuted Experian’s predictions. “A shopping centre could not take even 10 per cent of our overall footfall. 10 per cent of our footfall is Westfield London’s entire footfall for the year,” he said.
Experian’s first European retail ranking takes into account cross-border spend, spend-per-head differences for each country, the retail offer in each city and the effects of competing out-of-town centres.
Paris was ranked second place, followed by Rome, Madrid, Berlin, Munich and Barcelona.
The rankings were based on retail expenditure across all major European cities. However, De Mello said competition from Westfield London, which opened three weeks ago, will result in a 3 to 4 per cent decline in retail expenditure in the West End. “It will have a major effect and it already has done,” he said.
He added that the West End is further threatened by the collective effect of existing and planned shopping destinations such as Brent Cross and Stratford – due to open in 2011.
“All the schemes reaching maturity will cause a 10 per cent drop in turnover [in the West End], putting it below Paris,” said De Mello.
A New West End Company spokesman refuted Experian’s predictions. “A shopping centre could not take even 10 per cent of our overall footfall. 10 per cent of our footfall is Westfield London’s entire footfall for the year,” he said.
Experian’s first European retail ranking takes into account cross-border spend, spend-per-head differences for each country, the retail offer in each city and the effects of competing out-of-town centres.
Paris was ranked second place, followed by Rome, Madrid, Berlin, Munich and Barcelona.
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