Ten UK cities have secured a space in the Top 50 Retail Centres in Europe, a prestigious list compiled by retail specialist Harper Dennis Hobbs (HDH).
London’s West End was ranked number one in the list, attracting just over £9bn in retail spend, while four other UK cities made the top 20. The UK also secured the most positions on the list over other countries in Europe.
Paris secured the number two spot in the list, attracting £8.1bn in retail spend, followed by Madrid (£5.1bn) and Rome (£4.58bn).
Back in the UK, Glasgow was ranked in 12th, followed by Birmingham (13), Manchester (15) and Leeds (20).
Further down the list, Cardiff and Newcastle, which secured positions 31 and 32, have grown in market size by over 1%, moving ahead of Athens.
While there is ongoing uncertainty following the UK’s ‘Brexit’ referendum, positive retail sales growth in January make it the 45th consecutive month of year-on-year growth for the UK and the EU economy also grew as a whole.
However, the triggering of Article 50 is expected to have a wide-ranging impact on European retail, and the ambiguity may result in some retailers limiting their exposure to the UK.
Notwithstanding this, HDH still expects London to remain Europe’s pre-eminent retail centre for some time to come, with supply of trail stock still outstripped by significant – and ever growing – demand.
Jonathan De Mello, head of retail consultancy at HDH, commented: “These rankings take into account both retail sales growth and new retail development, allowing retailers to comprehensively understand which centres are on the rise and plan accordingly.
“The rankings are therefore particularly useful for identifying growing markets. While the level of consumer spend coming to a city is a key factor in its success, other elements, such as out-of-town developments, can significantly impact the performance of a centre. These rankings are a crucial insight into Europe’s current retail hierarchy.”