London is the most attractive location for international retailers in Europe, property firm Jones Lang LaSalle said today.
According to a report, London outperformed main rivals Paris, which ranked second and Moscow which ranked third.
London came out on top because of its “size, maturity and transparency of the retail market, in addition to the track record of retailers who have successfully opened here.”
Moscow, however, is catching up fast. Alongside high-growth markets such as St. Petersburg and Kiev it is experiencing “burgeoning success” and experiencing impressive growth, the report said.
The estate agent predict that in the next few years Russia will unseat London at the head of the table due to its large population (11.5 million), its growing middle class and its rising disposable incomes.
In London, the four main shopping areas, Oxford Street, Regent Street, Bond Street and Covent Garden, collectively amassed the largest retail in Europe.
Bond Street, in particularly New Bond Street was described as an “uber-luxury” location.
New Bond Street in London tops the rental league, with headline rents of over €8,300 (£6,650) per square metre per year. Avenue Montaigne in Paris was way behind in second place, scoring rents of €7,500 (£6,000) per sq m per year.
The opening of Westfield malls in Shepherds Bush and Stratford has also helped a number of retailers enter the UK market.
“London is a retail friendly market and will continue to act as an entry point to Europe for international brands. This year we have seen a number of new brands coming to London, from Rag and Bone and Victoria’s Secret from the US, to Bosideng from China,” Jones Lang LaSalle said.
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