The number of London flagship stores continue to grow. Shop fits have now been completed and stores are open for trade for Nespresso at 56-60 Regent Street, Victoria’s Secret at 111-115 Bond Street (over 40,000 sq ft). Rag & Bone, the New York founded luxury brand, are now open and trading in Sloane Square and Burberry have opened their largest ever London store on Regent Street along with both Lotus Originals and Juicy Couture who opened in July this quarter.
This only further bolsters the standing of this world renowned street. No other European city can boast of such large or innovative new stores.
At the western end of Oxford Street the most notable transaction saw Evans take a new lease on a ground floor of approximately 5,000 sq ft and mezzanine of 1,600 sq ft. While Asics paid a headline rent of £405 Zone A at their new flagship store at 527 Oxford Street. The long awaited opening of the Primark at the eastern end of the Street is increasing footfall at the Tottenham Court Road end of the street which will support rental values.
It is remarkable to note the number of businesses that closed their store at some point during the last quarter to re-fit. This shows retailers, such as Forever 21 at 360 Oxford Street, are prepared to invest in their Central London portfolio because they expect to get a return on such expenditure.