London is officially the world’s shopping capital
Business digest: Tourism helps London beat off Tokyo, Paris and New York with £64.2bn of sales
London has been named the 'ultimate retail shopping experience' as it recorded annual sales of £64.2bn in 2010, beating off competition from Tokyo, Paris and even New York.
With 138 of the 250 top global brands represented on its streets, the British capital has the largest selection of shops in the world. Londoners reportedly spend 45 per cent more on fashion than Parisians, and 59 per cent more than New Yorkers.
A consistently strong tourism market has helped London buck the national trend of restrained consumer shopping habits. Whilst the UK as a whole saw sales fall by 0.3 per cent from the year before in December 2010, the West End enjoyed growth of 3.8 per cent.
Tokyo was not far behind with annual sales of £61.4bn, whilst New York and Paris saw around £47bn worth of transactions.
Read a full report at the Daily Telegraph. ·