With a market share worth almost €10.4bn, (£9.2bn) HDH said the West End is “continuing to thrive”, even with competition from new retail developments such as King’s Cross and Westfield London’s 68,000 sq mt extension, as well as continued loss in the value of the pound against the euro.
The HDH 2018 European Retail Ranking, a list of the top 50 shopping destinations, also shows Paris, Madrid, Rome, Berlin and Munich have held onto their place in the table.
Jonathan De Mello, head of retail consultancy at HDH, said: “These rankings are particularly useful for identifying growing markets, allowing retailers to understand which centres are on the rise and plan accordingly.
“This latest version highlights how macro-economic and political conditions impact retail spend, even in the strongest retail centres – illustrated by the decline in spend in UK cities, as the pound has continued to fall against the euro with Brexit looming.”
He added: “This year we’ve also ranked the top 10 shopping centres, and found that the very strongest centres in Europe – both of London’s Westfield schemes – actually rank higher than some retail cities. Westfield London alone attracts more retail spend than St. Petersburg, given the significant out-of-town competition faced by St. Petersburg.”