The capital’s West End pipped Paris to the post, and is now worth over £9.14bn per year in sales. The data, which comes from retail property advisors, Harper Dennis Hobbs, highlights that the capital has commanded an impressive lead over second-placed Paris, which now takes in £8.14bn per year in retail spend. Firmly cementing its position as a retail force to be reckoned with, the capital has now held the top spot for a second year running.
Phil Chesworth, Managing Director at Pallet Truck Shop, said, “With Brexit on the horizon, this news is certain to be welcome for businesses up and down the country. It’s important that we get a good head-start to ensure the country remains an attractive prospect for consumers and overseas corporations alike.
“It’s undoubtedly a testing time for businesses, with the triggering of Article 50 just a few days away, but this new sends out a message to employers around the world that the UK can continue to thrive – no matter what the outcome.”
Spain’s capital city, Madrid, held firm in third place, £4bn behind London’s West End and less than £1bn more than fourth placed Rome.
Despite the top five not changing from last year, it’s not just the UK capital that has reason to celebrate – the UK has 10 cities in the top 50. Glasgow, Birmingham, Manchester and Leeds all made the top 20, highlighting the north’s staggering growth and placing it as a major player in the world’s retail landscape.
The annual table documents Europe’s cities’ worth. Analysing 15,000 towns and cities across Europe, it calculates the flow of spend to each via a ‘gravity model’.
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