MIPIM 2016: London is the top retail destination in Europe and second in the world, according to The New West End Company’s 2016 Global Retail Destination Index, launched today (Wednesday) at MIPIM.
Commissioned with Savills, the report is one of the first initiatives from the New West End Company’s UK Property Owner Business Improvement District which will deliver £16m investment over the next five years.
The size of the West End’s offering – there are more than 600 stores and 120 international brands – along with its globally recognised addresses such as Bond Street, Oxford Street and Regent Street, was shown to be a driver for consumers.
Last year London topped Mastercard’s Global Destination Cities Index again in 2015, attracting 18.8m visitors who spent £13.2bn.
According to the report, retailers say this footfall is a key factor in making the West End attractive and 96% of them would recommend London as a place to trade.
London’s West End retail sales are forecast to jump by 27.8% to £11.3bn by 2020 due to Crossrail which is expected to bring an additional 60m people into the area.
Jace Tyrrell, chief executive at New West End Company, said the Window to the World report demonstrates London’s West End’s positive impact on the local and national economy as well as on the property and retail market.
“Supported by the Property Owner Business Improvement District, I am confident that London’s West End will significantly grow over the next five years, securing its position as the top retail destination in Europe and in the top two in the world.”