London Top Shopping Capital

London has officially been crowned the ‘Top Shopping Capital’ in the World. In a study by the Centre of Retail Research (CRR), results illustrated that London sales hit £64.2 billion in 2010 compared to other fashion capitals Paris and New York

which turned over £46.6 billion and £47 billion respectively.

Surprisingly cities you would have associated with fashion savvy – Milan, Rome and Madrid – trickled in at a mere 10th, 13th and 14th place.

The East, as a new world superpower and a global influencer, made its mark with Tokyo taking a strong second place with £61.4billion. And together the top 4 cities now constitute a strong ‘Retail Super League’ which accounts for over half (52%) of the retail sales across 22 of the world’s most popular shopping destinations.

The study applauded the UK for its mass of sales and the breadth of shops it offers to cater for a wide array
of shoppers and their needs. And London was home to 138 of the 250 global retail brands mentioned whilst Barcelona and Madrid only had 128. Londoners also appeared to be the most hungry of shoppers spending 45% more than those in Paris and 59% more than those in New York.

London’s shoppers have also best bought into the ecommerce boom – total internet sales reached £9.92bn in 2010, which represented 15.5% of overall retail sales in the UK capital.

Director of information, Tina Spooner, said, ‘It’s no surprise to see London performing so well in the etail market place. The size of the UK’s etail market is the second largest in the world - only behind the USA – and the largest by far in Europe. In 2010, etail grew 18% across the UK and is now a major component of consumer culture.’

It’s great news for British retailers and a positive sign for our flourishing fashion industry, which is gaining more and more respect globally, enabling further retail reach.

A marketing director for CRR, explains ‘ London has now confirmed its status as the premier destination for consumers seeking the ultimate retail shopping experience, holding off stiff competition from other fashion capitals.’ He continues, ‘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.’