London’s Oxford Street remains the leading shopping capital of Europe, BNP Paribas Real Estate shows

BNP Paribas Real Estate’s latest Pan-European footfall report analyses the pedestrian traffic of prime retail streets in 34 European key cities, including Europe’s top 20 Capital cities.

This report aims to provide a “snapshot” of pedestrian traffic, which is one of the prime indicators to assess the strength of physical retail.

Footfall measured on a sample day across all 34 locations reveal Oxford Street attracted 72,700 visitors – almost four times the capacity of London’s O2 arena.

Oxford Street beat Madrid’s famous Gran Vía with a daily footfall of 60,800 and Milan’s Corso Vittorio Emanuele II at 54,600. The iconic Champs-Elysées in Paris ranked 5th with 45,500 visitors.

The report also tracked visits to Europe’s luxury retail high streets. Once again London secured the top position, with Regent Street attracting 56,900 people.

Gavin Redrupp, head of London retail at BNP Paribas Real Estate, said: “London is an exceptional destination for retail. Its long standing reputation as a leading centre for shopping is reinforced by the city’s wider cultural offer which includes a world class theatre district, historical landmarks, and some of the most magnificent parks in Europe. We know the retail sector was hardest hit during the worst of the pandemic, but despite these challenges, Oxford Street and Regent Street remain must-visit destinations. As such, they both continue to attract strong brands with a compelling offer which in turn attracts strong footfall.”

“The findings suggest that some level of normality has been restored to European prime destinations: brick-and-mortar premises still have traction, city centres are proving their appeal, along with some new retail models and formats that are being successfully introduced to inner cities,” said Patrick Delcol, head of pan European retail at BNP Paribas Real Estate.