London’s West End has been named as the best retail centre in Europe in terms of retail spend, accounting for almost £8.5bn in sales in 2013.
The UK boasts 10 retail centres in the top 50 list, the highest of any European country, according to new research from retail specialist Harper Dennis Hobbs (HDH) and the International Council of Shopping Centres (ICSC).
Paris and Madrid are the second and third in the ranking, with £7.7bn and almost £5bn respectively.
“The top 10 towns and cities in Europe are those that have a strong residential, worker and tourist spend and include Rome, Munich, Milan, Moscow, Berlin, Zurich and Istanbul,” said Mike Morrissey, ICSC chief global co-ordination officer. “There are some second city entries high up the table where tourism perhaps has a lesser impact, but which have strong retail cores with a wide choice of retail on offer, such as Glasgow and Hamburg.”
The new data, which ranks over 15,000 towns and cities across Europe, also placed Glasgow, Birmingham, Manchester, Leeds, Liverpool, Dublin, Nottingham, Cardiff and Newcastle-upon-Tyne in the top 50.
It was created to allow retailers to benchmark their portfolios and to plan future European expansion strategies.
David Harper, chief executive of Harper Dennis Hobbs, said: “We will produce these rankings annually to account for new retail development – which is particularly prevalent across Central and Eastern Europe - and changes in consumer spending.”