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LRC STATISTICS
ECONOMY
- Retail sales in London were estimated at £49 billion in 2007, 19% of total UK retail sales.
- Over £4.5 billion is spent in the West End alone, making it the UK's top retail centre.
- London's economy (measured by Gross Value Added) is larger than that of Austria, Poland and Norway in that order.
- London's overall Gross Value Added totalled £205 billion in 2007, 17% of the UK's GVA.
- 7% of London's GVA came from retail, contributing an estimated £13 billion in 2006. This was more than education, health and social work; public administration and defence; and hotels and restaurants.
- Retail and wholesale (including motor trades) was the third largest contributor to the London economy after real estate, renting and business activities, and financial intermediation. Retail alone is the sixth largest contributor to the London economy.
- There were 26,210 VAT-registered retail businesses in London in 2007, just over 10% of all enterprises in London.
- 14% of all UK retail enterprises are based in London.
- London currently has over 37,000 retail units.
- London is the largest city in Europe, with a population of 7,465,100 people.
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