LONDON (Reuters) - London’s West End district is Europe’s number one shopping destination, but could be challenged in the next two years by cities less affected by the global financial crisis, researcher Experian said on Monday.
London’s West End, which also faces increased local competition after the opening of the London Westfield shopping center last month, will attract an estimated 6.17 billion euros ($7.83 billion) of spending this year, Experian said.
That would put it ahead of Paris on 5.88 billion euros, Rome on 5.76 billion, Madrid on 5.38 billion and Berlin on 5.08 billion.
“The impact of the global financial crisis will be greater on London than on other European cities which have less dominant financial services sectors,” said Jonathan de Mello, director of the retail property consultancy at Experian.
“This impact is likely to affect London’s supremacy during the course of 2009 and 2010.”
Experian’s rankings take into account cross-border spend, spend-per-head differences by country, the retail offer within each city and the effects of competing out-of-town centers.
Reporting by Mark Potter; Editing by Greg Mahlich