Oxford Street in London has retained its position as the busiest shopping destination in Europe, while Regent Street remains the top luxury retail attraction, according to a report by BNP Paribas Real Estate. Despite the retail sector facing challenges due to the COVID-19 pandemic and travel restrictions, Oxford Street attracted more visitors than any other retail street in Europe’s top 34 destinations. On a typical day, it recorded 72,700 visitors, surpassing Madrid’s Gran Vía, which had 60,800 visitors.
Alongside Oxford Street’s success, Regent Street secured its spot as Europe’s most visited luxury retail destination. With 56,900 visitors, it not only topped the luxury retail ranking but also came in third overall. Milan’s Corso Vittorio Emanuele II came fourth with 54,600 visitors, followed by Paris’s Champs-Elysées with 45,500 visitors.
London’s appeal was further demonstrated by Covent Garden’s Long Acre shopping destination, which ranked seventh overall with 44,000 visits.
Gavin Redrupp, the head of London Retail at BNP Paribas Real Estate, emphasized that despite the challenges faced by the retail sector during the pandemic, both Oxford Street and Regent Street continue to be must-visit destinations. Their ability to attract renowned brands with enticing offerings has contributed to their strong footfall.
Patrick Delcol, the head of Pan European Retail at BNP Paribas Real Estate, added that the findings suggest a return to some level of normalcy for European prime destinations. Brick-and-mortar stores still hold appeal, city centers are proving attractive, and new retail models and formats are successfully emerging in urban areas.
In conclusion, London’s status as the shopping capital of Europe has been bolstered by the success of Oxford Street and Regent Street in attracting high levels of footfall and prestigious brands. Despite the challenges faced by the retail sector, these two destinations remain at the forefront of retail excellence and continue to draw in visitors from around the world.
Useful links:
– High Street Shopping in London
– Regent Street Online
