London tops world cities spending league: study

Wed Feb 16, 2011 7:13pm EST
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LONDON (Reuters) - London beat Tokyo, New York and Paris to be the highest grossing city for retail sales in 2010, according to a study of 22 major worldwide shopping destinations by Britain's Center for Retail Research.

The study, commissioned by online shopping comparison website Kelkoo, found London generated 64.2 billion pounds ($103 billion) of non-food retail sales last year.

"The key to London's success appears to be the quality and quantity of shops on offer, combined with the revenue generated by the huge volume of tourists that passes through," said Kelkoo marketing director Chris Simpson.

London's 26,000 stores house 138 of the world's 250 leading retail brands, compared with an average of 90 across the cities surveyed. It attracts around 14.1 million overseas tourists, some 4 million more than its nearest rival.

London was also the top city for internet shopping, with 9.9 billion pounds of sales last year.

Tokyo was a close second in the overall standings, with total non-food retail sales of 61.4 billion pounds, ahead of New York on 47 billion and Paris on 46.6 billion.

($1=.6222 Pound)

(Reporting by Mark Potter)

<p>Shoppers walk into a shop on Oxford Street, in central London, December 27, 2010. REUTERS/Paul Hackett</p>