New study puts London at top of European retail rankings

Oxford Street in London has emerged as Europe’s busiest shopping street in new footfall analysis of the most famous high streets in 23 European cities, according to BNP Paribas Real Estate’s pan-European footfall analysis.

The constant allure of its major world-leading department stores such as Selfridges and John Lewis has attracted footfall from both tourists and domestic shoppers alike. As a result of this, the street continues to attract global retailers such as Reserved, Simit Sarayi and Jurlique over the course of the past year. While the Eastern end continues to improve with the impending opening of Crossrail in May next year, the traditional retailing area around Bond Street station has seen rents grow to £1,000 per square foot ($1,311 per square foot) over recent years. As of third quarter 2017, Oxford Street’s vacancy rate fell to 4.8 percent, perhaps allaying any fears of a post Brexit retail wasteland.

With footfall of 13,560 people an hour, Oxford Street topped the overall ranking with Regent Street (9,252) in 9th place. Munich, Madrid, Frankfurt and Paris completed the top five.

In analysis of Europe’s top 20 luxury high streets, London had four entries — Regent Street (9,252) in 3rd, Old Bond Street (5,564) in 7th, South Molton Street (3,298) in 13th and New Bond Street (2,746) in 16th.

Europe top 30

Footfall, mass-market prime streets (pedestrians/hour)

*The top 30 includes the following categories: 1. Mass to up market prime streets 2. Mixed prime streets (offer stretching from mass market to luxury)