Spanish retailer sets new record for Oxford Street
24 August 2010 09:33
Spanish retailer Desigual has set a new record on Oxford Street by agreeing to pay £710 per square foot for the current Disney store. The level of rent is the highest ever agreed for the street, comfortably beating the previous record of £615, despite the economic downturn.
Retail sales have thrived in the West End ahead of the rest of the UK as the weak pound has attracted tourists, making it one of the most valuable retail destinations in the world. In July, UK retail sales rose by 1.3% year-on-year but the West End saw growth of 9.6%.
Desigual is understood to have fought off 02 and Mango to secure 360 Oxford Street. The deal is worth £1.5 million a year.
And construction is continuing, including Park House which will be the biggest development on Oxford Street for 50 years. The development will offer 330,000 sq ft of office and retail space, with completion expected in 2012. Forever 21 is believed to be interested in the development for its first Central London store with other prospective tenants looking into the area thought to include J Crew and lululemon, the yoga inspired clothing group.
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