London best shopping city

The award was instated by The Economist Untelligence Unit London - Arabstoday With the royal wedding and the 2012 Olympics buoying the UK's hopes for revitalising its economy through tourism, Londoners now have another reason to celebrate. British retailers, together with UK tourism bodies and leisure operators, today celebrated London topping the first ever Globe Shopper City Index – Europe produced by the EIU and sponsored by shopping and spending experts Global Blue. The Global Shopper City Index-Europe gong was awarded at BAFTA this morning and collected on behalf of the nation’s capital by London & Partners Chairman Dame Judith Mayhew Jonas and Patricia Yates, Communications and Strategy Director at Visit Britain. The capital beat off stiff competition from Paris, Barcelona and Madrid to be ranked as the best European city for shopping in the Globe Shopper City Index - Europe (GSCIE), which was researched and compiled by the Economist Intelligence Unit. International globe shoppers - that is tourists whose travel choices are heavily motivated by shopping opportunities - are estimated to be worth £3 billion to the London economy . Beating over 33 other European Cities, London was ranked first by the GSCIE according to 38 criteria grouped into five categories: shops, affordability, convenience, hotels and transport, and culture and climate. This demonstrates why London has seen a massive boom in international tax free shopping this year alone, up 30 per cent on 2010.  According to Global Blue’s data on tax free shopping services provided to nearly 250 nationalities coming to London, the biggest, and fastest growing, spenders in London are visitors from China, the Middle East, Russia, Nigeria, Thailand and Brazil. visit our great city for everything it has to offer, including the best shops and shopping districts anywhere on the planet." Whilst the Middle East as a region still accounts for the highest spend overall accounting for 28% of total sales in London stores compared to China’s 15%, China continues to boom with an unprecedented increase in traffic of 70% this year versus 2010. With an average spend that rose from £600 to £671 over the last 12 months, the Chinese are and will remain the titans in the international shopper league. Russia, at number three in the charts has grown 32% this year and Nigeria 34% whilst the United States is up 19%. Per Setterberg, CEO of Global Blue  said: “By commissioning the GSCIE to rank European cities based on the most important factors for shoppers, we are able to gain vital insight into what is driving these commercially valuable globe shoppers, whose spending power far exceeds their domestic counterparts and is proactively sought after by retailers and cities all over Europe.  For example, the typical spend of a Chinese visitor might be worth £1,058 per transaction whilst the spend per Middle Eastern shopper is £850 per transaction. These average transaction sizes, when repeated many times over during a visit to London, constitute a considerable advantage to City economies.” Adding to the praise was Dame Judith Mayhew Jonas DBE, Chair, London & Partners , who saidcommented: “We are delighted that London has been recognised as the principal shopping capital of Europe.  This research acknowledges that London’s unique and huge mix of retail is second to none ranging from luxury to high street, and boutique to bargain stores. These can all be found throughout London which is constantly evolving and has much to offer every visitor.” Patricia Yates, Director of Strategy and Communications at VisitBritain said: “What fantastic news that London has rightfully been acknowledged as the best city for shopping in Europe.  We know what a tremendous draw our retail offer is for overseas visitors – whether they want to buy luxury brands or high street fashion. This is the moment to use all our assets to showcase Britain and ensure that 2012 and the key events such as the Diamond Jubilee and the 2012 Olympic and Paralympic Games cement London and Britain’s global appeal and grow the value of our inbound tourism to deliver revenue and jobs.” "This is yet another ringing endorsement of the unique shopping experience that makes London a beacon for shoppers from all corners of the world," said Mayor of London, Boris Johnson. "Next year will be like no other for London, kicking off with the Golden Jubilee quickly followed by the spectacular 2012 Games. I therefore expect the capital's retailers to see yet another bumper year on the back of the millions of visitors who will