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Study of 22 major worldwide shopping destinations ranks London highest grossing city for both High Street and online retail sales in 2010

Study of 22 major worldwide shopping destinations ranks London highest grossing city for both High Street and online retail sales in 2010

 

A new report commissioned by Kelkoo and carried out by the Centre for Retail Research, awards London ‘Top Shopping Capital’ status in a study that analyses the credentials of 22 major shopping destinations around the world in 2010.

 

The UK’s capital grossed £64.15 billion in retail sales last year, accounting for almost a fifth (15%) of the total retail sales of the 22 cities surveyed. London had a higher overall spend than Los Angeles (£20.4bn), Milan (£13.4bn), Rome (£10.3bn), Madrid (£10.1bn), and Berlin (£9.9bn) all put together.

 

Internet sales key to success

 

London not only took the ‘Top Shopping Capital’ spot on the High Street, it also claimed the top spot when it came to shopping online, with total internet sales of £9.92bn in 2010 - representing 15.5% of overall retail sales in the UK capital. Shoppers in Tokyo (£8.45bn), New York (£6.31bn) and Paris (£5.64bn) also ranked highly, taking advantage of the convenience and value of online shopping. London shoppers also spent £832.75 per person online in 2010, which was £80 more than their counterparts in New York (£752.48), the city with the next highest online spend, and more than double the £391 spent on average across all the cities in the study.

 

Tina Spooner, director of information at IMRG, commented: “It is no surprise to see London performing so well in the e-retail marketplace. The size of the UK’s e-retail market is the second-largest in the world, only behind the US, and the largest by far in Europe. In 2010, e-retail grew 18% across the UK and shopping online has become a major part of consumer culture. High speed broadband roll-out has been one of the main drivers of this success, and with plans for superfast broadband just around the corner and coverage to be extended into rural areas, it can only keep growing over the next few years.”