London's Selfridges beats Bloomingdale's for best department store in the world

London's Selfridges & Co. department store beat out Bloomingdale's in New York as the best department store in the world.

The award was given out as part of the second Global Department Store Summit held Thursday and Friday in New York. Also in the running was Lane Crawford of Hong Kong. The award's judging panel was made up of retail executives who weighed each store's profile, in-store experience, customer service and financial performance. Only the three finalists were announced.

"We are delighted to have won this very special award and very proud of our teams who have all contributed in making this happen," Selfridges' Vice Chairman Paul Kelly told The Daily Telegraph in London.

The department store summit is a gathering of industry leaders who discuss initiatives and issues with a global view. It is organized by Saks Fifth Avenue and Intercontinental Group of Department Stores.