GPE confirms reserved will take 70/88 Oxford Street space
London landlord GPE has confirmed a report earlier this week that growing Polish fashion brand Reserved is to take one of its major properties on London’s Oxford Street.
GPE said on Thursday that Reserved has signed for a new flagship store at 70/88 Oxford Street and that the deal takes the landlord’s retail lettings to 96% let or under offer.
Reserved will occupy 19,645 sq ft over the ground and first floors, carrying its women’s, men’s and kidswear offer with the new store “set to open later in 2023”.
It’s an important development For Oxford Street that suffered plunging footfall as a result of the pandemic and also an exit of many of its big names. Some of the flagship stores there were closed due to their occupants going under, while others moved out due to properties being redeveloped or their own strategies no longer including a flagship on what was once Europe’s busiest shopping street.
It’s unclear whether Reserved’s move means it will exit its store further along the street near Oxford Circus as has been reported, with GPE simply saying that “this will be Reserved's second anchor store in London following their first UK debut on Oxford Street West in 2017”.
The landlord has one more unit at the property available (one 15,600 sq ft unit has already been signed for by Boom: Battle Bar with an opening due pre-Christmas).
The remaining space is a ground floor retail unit covering 2,300 sq ft. It benefits from an eight metre double-height frontage and a prime location opposite the entrance to the new Elizabeth line station.
Krzysztof Bocianowski, Leasing and Expansion Director of reserved owner LPP Group said: “LPP is delighted to have secured this location for our flagship brand, which will serve to increase our profile in the UK even further. Following a number of challenging years for London and retail in general we are committed to growing our business in the UK and this will form a new phase of our growth, not just in London but also in other key western European markets. Our UK business is showing great potential and we are looking forward to showcasing our brand to London, as well as the wider UK market over the coming years.”
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