GITNUXREPORT 2026

London Retail Industry Statistics

London's retail sector is large, growing, and shifting toward online and luxury sales.

Min-ji Park

Research Analyst focused on sustainability and consumer trends.

First published: Feb 13, 2026

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Statistic 1

London's retail sector faced 12.5% shop closures in 2023.

Statistic 2

Vacant retail units in London reached 15% on high streets in 2023.

Statistic 3

Cost inflation hit London retailers with 9.2% rise in 2023.

Statistic 4

Online competition eroded 8% of London high street sales in 2023.

Statistic 5

Theft and shrinkage cost London retail £2.3 billion in 2023.

Statistic 6

Energy costs for London retailers surged 45% in 2023.

Statistic 7

Business rates burden on London retail: £1.8 billion annually 2023.

Statistic 8

Supply chain disruptions affected 67% of London retailers in 2023.

Statistic 9

Labour shortages impacted 55% of London retail businesses 2023.

Statistic 10

Projected retail job losses in London: 25,000 by 2025.

Statistic 11

AI adoption lag: only 22% of London retailers using in 2023.

Statistic 12

Climate regulations to cost London retail £500 million by 2030.

Statistic 13

Post-Brexit import duties added 5% to costs for 40% of retailers 2023.

Statistic 14

Tourism recovery slow: 78% of pre-COVID levels in London retail 2023.

Statistic 15

Cybersecurity breaches hit 18% of London retailers in 2023.

Statistic 16

Future outlook: omnichannel retail growth projected at 7% CAGR to 2028.

Statistic 17

Sustainability mandates challenge 62% of small London retailers by 2025.

Statistic 18

EV charging infrastructure deficit in 45% of London retail parks 2023.

Statistic 19

Data privacy compliance costs rose 20% for London retailers 2023.

Statistic 20

Metaverse retail adoption forecast: 5% market share by 2030 in London.

Statistic 21

65% of London consumers shopped online weekly in 2023.

Statistic 22

Average annual retail spend per Londoner: £4,200 in 2023.

Statistic 23

72% of London shoppers used contactless payments in 2023.

Statistic 24

Impulse buying accounted for 38% of London retail purchases in 2023.

Statistic 25

55% of London consumers preferred sustainable brands in 2023.

Statistic 26

Footfall in London high streets recovered to 92% of 2019 levels in 2023.

Statistic 27

48% of London millennials shopped via mobile apps daily in 2023.

Statistic 28

Average basket size in London supermarkets: £32 in 2023.

Statistic 29

62% of London shoppers used loyalty programs in 2023.

Statistic 30

Price sensitivity led 71% of London consumers to switch retailers in 2023.

Statistic 31

40% growth in buy-now-pay-later usage among London shoppers 2023.

Statistic 32

London Gen Z spent 25% more on fashion than average in 2023.

Statistic 33

67% of London consumers researched products online before buying in-store 2023.

Statistic 34

Ethical sourcing influenced 52% of London grocery purchases in 2023.

Statistic 35

Click-and-collect orders rose 18% in London retail 2023.

Statistic 36

35% of London spending went to local independent stores in 2023.

Statistic 37

Post-pandemic, 29% of Londoners increased in-store shopping frequency 2023.

Statistic 38

Luxury spending per capita in London: £850 in 2023.

Statistic 39

76% of London tourists shopped for souvenirs in 2023.

Statistic 40

Vegan product spending up 22% among London consumers 2023.

Statistic 41

London's retail workforce totalled 450,000 in 2023.

Statistic 42

Retail employment in London declined by 3.2% from 2019 to 2023.

Statistic 43

Average retail wage in London was £28,500 annually in 2023.

Statistic 44

42% of London's retail workers were part-time in 2023.

Statistic 45

Female workers comprised 58% of London's retail workforce in 2022.

Statistic 46

Youth employment (16-24) in London retail was 25% of total in 2023.

Statistic 47

Retail vacancy rate for jobs in London stood at 4.1% in Q3 2023.

Statistic 48

BAME workers made up 45% of London's retail employees in 2023.

Statistic 49

Average hours worked by retail staff in London: 28.5 per week in 2023.

Statistic 50

Retail manager salaries in London averaged £42,000 in 2023.

Statistic 51

15% of London's retail workers held second jobs in 2022.

Statistic 52

Apprenticeships in London retail numbered 12,500 in 2023.

Statistic 53

Turnover rate in London retail was 18.2% annually in 2023.

Statistic 54

Zero-hours contracts in London retail affected 12% of workers in 2023.

Statistic 55

Retail sales assistants earned £11.50/hour median in London 2023.

Statistic 56

28% of retail jobs in London required no qualifications in 2023.

Statistic 57

Migrant workers comprised 32% of London's retail workforce in 2023.

Statistic 58

Union membership in London retail was 14.5% in 2022.

Statistic 59

Retail employment density in London: 52 jobs per 1,000 residents in 2023.

Statistic 60

Online retail jobs in London grew by 11% from 2021-2023.

Statistic 61

London's food retail employed 180,000 people in 2023.

Statistic 62

London's retail sector contributed £45.2 billion to the city's GVA in 2022, representing 12.3% of total GVA.

Statistic 63

The number of retail businesses in London grew by 2.1% from 2021 to 2022, reaching 28,450 outlets.

Statistic 64

Retail floorspace in London totalled 45 million square feet in 2023, with a vacancy rate of 8.2%.

Statistic 65

E-commerce sales accounted for 28% of total retail sales in London in 2023, up from 25% in 2021.

Statistic 66

The luxury retail market in London generated £12.5 billion in sales in 2022.

Statistic 67

Food and grocery retail dominated London's market with £32 billion in sales in 2023.

Statistic 68

London's West End retail rents averaged £850 per sq ft in 2023.

Statistic 69

Total retail turnover in Greater London was £98.7 billion in 2022.

Statistic 70

Independent retailers made up 35% of London's retail outlets in 2023.

Statistic 71

Retail sector growth in London was projected at 3.8% CAGR from 2023-2028.

Statistic 72

Oxford Street saw footfall of 150 million visitors annually pre-COVID, recovering to 120 million in 2023.

Statistic 73

London's retail market size was valued at £110 billion in 2023.

Statistic 74

Non-food retail sales in London increased by 5.2% year-on-year in Q4 2023.

Statistic 75

The pop-up retail sector in London expanded by 15% in 2023.

Statistic 76

London's retail exports reached £8.4 billion in 2022, mainly luxury goods.

Statistic 77

Total retail outlets in London: 32,100 in 2023.

Statistic 78

Retail GVA per employee in London averaged £52,000 in 2022.

Statistic 79

London's share of UK retail sales was 18.5% in 2023.

Statistic 80

Experiential retail spaces grew by 22% in London from 2021-2023.

Statistic 81

Retail investment volume in London hit £4.2 billion in 2023.

Statistic 82

Total retail sales in London hit £102.3 billion in 2023.

Statistic 83

Non-store retail sales in London reached £28.7 billion in 2023.

Statistic 84

Clothing and footwear sales in London: £18.5 billion in 2023.

Statistic 85

Household goods retail revenue in London: £22.1 billion annually 2023.

Statistic 86

West End retail sales totalled £15.2 billion in 2023.

Statistic 87

Grocery sales growth in London: 6.8% in 2023.

Statistic 88

Luxury goods sales in Bond Street: £3.4 billion in 2023.

Statistic 89

Average transaction value in London retail: £45 in 2023.

Statistic 90

Black Friday sales in London retail surged 12% to £4.1 billion in 2023.

Statistic 91

Department store sales in London: £9.8 billion in 2023.

Statistic 92

Health and beauty retail revenue: £12.3 billion in London 2023.

Statistic 93

Footfall-driven sales conversion in London: 28% in high streets 2023.

Statistic 94

Christmas retail sales in London: £18.7 billion in 2023.

Statistic 95

Electronics retail sales: £14.2 billion in London 2023.

Statistic 96

Like-for-like sales growth in London: 2.9% in 2023.

Statistic 97

Pop-up shop sales averaged £250,000 per event in London 2023.

Statistic 98

VAT receipts from London retail: £11.5 billion in 2023.

Statistic 99

Sustainable product sales growth: 15% in London retail 2023.

Statistic 100

Total high street sales: £35.6 billion in London 2023.

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Beyond the famed red buses and historic landmarks, London's bustling retail industry is a modern economic powerhouse where £45.2 billion in annual contribution and £102.3 billion in sales tell a story of resilience, digital transformation, and evolving consumer tastes that's reshaping the city's very fabric.

Key Takeaways

London's retail sector contributed £45.2 billion to the city's GVA in 2022, representing 12.3% of total GVA.
The number of retail businesses in London grew by 2.1% from 2021 to 2022, reaching 28,450 outlets.
Retail floorspace in London totalled 45 million square feet in 2023, with a vacancy rate of 8.2%.
London's retail workforce totalled 450,000 in 2023.
Retail employment in London declined by 3.2% from 2019 to 2023.
Average retail wage in London was £28,500 annually in 2023.
Total retail sales in London hit £102.3 billion in 2023.
Non-store retail sales in London reached £28.7 billion in 2023.
Clothing and footwear sales in London: £18.5 billion in 2023.
65% of London consumers shopped online weekly in 2023.
Average annual retail spend per Londoner: £4,200 in 2023.
72% of London shoppers used contactless payments in 2023.
London's retail sector faced 12.5% shop closures in 2023.
Vacant retail units in London reached 15% on high streets in 2023.
Cost inflation hit London retailers with 9.2% rise in 2023.

London's retail sector is large, growing, and shifting toward online and luxury sales.

Challenges and Future Outlook

London's retail sector faced 12.5% shop closures in 2023.
Vacant retail units in London reached 15% on high streets in 2023.
Cost inflation hit London retailers with 9.2% rise in 2023.
Online competition eroded 8% of London high street sales in 2023.
Theft and shrinkage cost London retail £2.3 billion in 2023.
Energy costs for London retailers surged 45% in 2023.
Business rates burden on London retail: £1.8 billion annually 2023.
Supply chain disruptions affected 67% of London retailers in 2023.
Labour shortages impacted 55% of London retail businesses 2023.
Projected retail job losses in London: 25,000 by 2025.
AI adoption lag: only 22% of London retailers using in 2023.
Climate regulations to cost London retail £500 million by 2030.
Post-Brexit import duties added 5% to costs for 40% of retailers 2023.
Tourism recovery slow: 78% of pre-COVID levels in London retail 2023.
Cybersecurity breaches hit 18% of London retailers in 2023.
Future outlook: omnichannel retail growth projected at 7% CAGR to 2028.
Sustainability mandates challenge 62% of small London retailers by 2025.
EV charging infrastructure deficit in 45% of London retail parks 2023.
Data privacy compliance costs rose 20% for London retailers 2023.
Metaverse retail adoption forecast: 5% market share by 2030 in London.

Challenges and Future Outlook Interpretation

London's high street is currently engaged in a punishing multi-front war against online rivals, economic pressures, and a tide of operational crises, yet its future still demands a costly, tech-forward, and sustainable reinvention—if it can survive the present onslaught.

Consumer Trends and Spending

65% of London consumers shopped online weekly in 2023.
Average annual retail spend per Londoner: £4,200 in 2023.
72% of London shoppers used contactless payments in 2023.
Impulse buying accounted for 38% of London retail purchases in 2023.
55% of London consumers preferred sustainable brands in 2023.
Footfall in London high streets recovered to 92% of 2019 levels in 2023.
48% of London millennials shopped via mobile apps daily in 2023.
Average basket size in London supermarkets: £32 in 2023.
62% of London shoppers used loyalty programs in 2023.
Price sensitivity led 71% of London consumers to switch retailers in 2023.
40% growth in buy-now-pay-later usage among London shoppers 2023.
London Gen Z spent 25% more on fashion than average in 2023.
67% of London consumers researched products online before buying in-store 2023.
Ethical sourcing influenced 52% of London grocery purchases in 2023.
Click-and-collect orders rose 18% in London retail 2023.
35% of London spending went to local independent stores in 2023.
Post-pandemic, 29% of Londoners increased in-store shopping frequency 2023.
Luxury spending per capita in London: £850 in 2023.
76% of London tourists shopped for souvenirs in 2023.
Vegan product spending up 22% among London consumers 2023.

Consumer Trends and Spending Interpretation

While Londoners may impulsively tap their way towards a £32 basket of ethically sourced groceries, their real loyalty lies with whoever can best satisfy their online research, sustainable ideals, and a Gen Z-driven appetite for fashion, all without overlooking the enduring charm of a high street souvenir.

Employment and Workforce

London's retail workforce totalled 450,000 in 2023.
Retail employment in London declined by 3.2% from 2019 to 2023.
Average retail wage in London was £28,500 annually in 2023.
42% of London's retail workers were part-time in 2023.
Female workers comprised 58% of London's retail workforce in 2022.
Youth employment (16-24) in London retail was 25% of total in 2023.
Retail vacancy rate for jobs in London stood at 4.1% in Q3 2023.
BAME workers made up 45% of London's retail employees in 2023.
Average hours worked by retail staff in London: 28.5 per week in 2023.
Retail manager salaries in London averaged £42,000 in 2023.
15% of London's retail workers held second jobs in 2022.
Apprenticeships in London retail numbered 12,500 in 2023.
Turnover rate in London retail was 18.2% annually in 2023.
Zero-hours contracts in London retail affected 12% of workers in 2023.
Retail sales assistants earned £11.50/hour median in London 2023.
28% of retail jobs in London required no qualifications in 2023.
Migrant workers comprised 32% of London's retail workforce in 2023.
Union membership in London retail was 14.5% in 2022.
Retail employment density in London: 52 jobs per 1,000 residents in 2023.
Online retail jobs in London grew by 11% from 2021-2023.
London's food retail employed 180,000 people in 2023.

Employment and Workforce Interpretation

London's retail sector presents a paradox of vibrancy and vulnerability, where nearly half a million people, predominantly women, young adults, and a remarkably diverse BAME majority, form a flexible yet strained backbone—often part-time, occasionally on zero-hours, and sometimes needing a second job—while navigating wages that barely keep pace with the city and a turnover rate suggesting many are just passing through.

Market Size and Growth

London's retail sector contributed £45.2 billion to the city's GVA in 2022, representing 12.3% of total GVA.
The number of retail businesses in London grew by 2.1% from 2021 to 2022, reaching 28,450 outlets.
Retail floorspace in London totalled 45 million square feet in 2023, with a vacancy rate of 8.2%.
E-commerce sales accounted for 28% of total retail sales in London in 2023, up from 25% in 2021.
The luxury retail market in London generated £12.5 billion in sales in 2022.
Food and grocery retail dominated London's market with £32 billion in sales in 2023.
London's West End retail rents averaged £850 per sq ft in 2023.
Total retail turnover in Greater London was £98.7 billion in 2022.
Independent retailers made up 35% of London's retail outlets in 2023.
Retail sector growth in London was projected at 3.8% CAGR from 2023-2028.
Oxford Street saw footfall of 150 million visitors annually pre-COVID, recovering to 120 million in 2023.
London's retail market size was valued at £110 billion in 2023.
Non-food retail sales in London increased by 5.2% year-on-year in Q4 2023.
The pop-up retail sector in London expanded by 15% in 2023.
London's retail exports reached £8.4 billion in 2022, mainly luxury goods.
Total retail outlets in London: 32,100 in 2023.
Retail GVA per employee in London averaged £52,000 in 2022.
London's share of UK retail sales was 18.5% in 2023.
Experiential retail spaces grew by 22% in London from 2021-2023.
Retail investment volume in London hit £4.2 billion in 2023.

Market Size and Growth Interpretation

London's retail scene, where the West End's rent could make a diamond blush, dukes it out with pixels for dominance while proving its brick-and-mortar heart still pumps a hefty £45 billion into the city's lifeblood.

Sales Figures and Revenue

Total retail sales in London hit £102.3 billion in 2023.
Non-store retail sales in London reached £28.7 billion in 2023.
Clothing and footwear sales in London: £18.5 billion in 2023.
Household goods retail revenue in London: £22.1 billion annually 2023.
West End retail sales totalled £15.2 billion in 2023.
Grocery sales growth in London: 6.8% in 2023.
Luxury goods sales in Bond Street: £3.4 billion in 2023.
Average transaction value in London retail: £45 in 2023.
Black Friday sales in London retail surged 12% to £4.1 billion in 2023.
Department store sales in London: £9.8 billion in 2023.
Health and beauty retail revenue: £12.3 billion in London 2023.
Footfall-driven sales conversion in London: 28% in high streets 2023.
Christmas retail sales in London: £18.7 billion in 2023.
Electronics retail sales: £14.2 billion in London 2023.
Like-for-like sales growth in London: 2.9% in 2023.
Pop-up shop sales averaged £250,000 per event in London 2023.
VAT receipts from London retail: £11.5 billion in 2023.
Sustainable product sales growth: 15% in London retail 2023.
Total high street sales: £35.6 billion in London 2023.

Sales Figures and Revenue Interpretation

While Londoners spent a staggering £102.3 billion on retail in 2023, proving their love for everything from a £45 average transaction to £3.4 billion of Bond Street luxury, the real story is a resilient high street fighting back, where 28% of visitors actually bought something, online sales boomed, and even the pop-ups made a pretty penny.

Sources & References

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