Oxford Street remains Europe's busiest shopping hub, Regent Street top luxury attraction
London continued to be the shopping capital of Europe in 2021, according to a new report by BNP Paribas Real Estate.
In a year of severe Covid-related restrictions, especially hitting international travel, London’s Oxford Street attracted more footfall than its counterparts across Europe’s top 34 destinations.
Meanwhile, neighbouring Regent Street also secured its position as the most visited luxury retail destination in Europe.
The Pan-European report, which “aims to provide a snapshot of pedestrian traffic, which is one of the prime indicators to assess the strength of physical retail”, analyses the footfall of prime retail streets in 34 European key cities, including Europe’s top 20 capital cities.
Footfall measured on a sample day across those 20 capital locations revealed Oxford Street attracted 72,700 visitors on that day. It beat Madrid’s Gran Vía into second place with a daily footfall of 60,800.
The report also tracked visits to Europe’s specific luxury retail high streets. Once again, London secured the top position, and as mentioned, Regent Street was in top spot, attracting 56,900 people. That number also placed it third in the overall listing.
Milan’s Corso Vittorio Emanuele II was fourth in that overall listing behind at 54,600 while Paris’s Champs-Elysées was ranked fifth with 45,500 visitors.
London’s strength was given an added boost as Covent Garden’s Long Acre shopping destination was ranked seventh in the overall listing, attracting 44,000 visits.
Gavin Redrupp, head of London Retail at BNP Paribas Real Estate, said: “We know the retail sector was hardest hit during the worst of the pandemic, but despite these challenges, Oxford Street and Regent Street remain must-visit destinations. As such, they both continue to attract strong brands with a compelling offer which in turn attracts strong footfall.”
Patrick Delcol, head of Pan European Retail at BNP Paribas Real Estate, added: “The findings suggest that some level of normality has been restored to European prime destinations: brick-and-mortar premises still have traction, city centres are proving their appeal, along with some new retail models and formats that are being successfully introduced to inner cities.”
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