Uniqlo’s record Oxford Street rent sparks fears of West End price hikes

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Worn by sportsmen such as Novak Djokovic, Uniqlo will pay £1000 per square foot on a new lease for its 40,000 sq ft shop.

It declined to comment on the price but said it would be refurbishing “thanks to customer demand for our products”.

Unusually, it was not advised by a property agent, which would have tried to thrash out a cheaper rent.

 

The money — to be paid to a private Irish landlord — smashes the previous record set last year when Middle Eastern retailer The Toy Store agreed to pay more than £925 per sq ft at the West One shopping centre in Oxford Street.

Jace Tyrrell, deputy chief executive of business improvement district New West End Company, said: “Rents reaching the £1000 per square foot mark is a reflection of the huge demand and competition for a good spot in Oxford Street.”

He added: “This pricing will only increase competition further and may see some companies priced off the street as a result.”

Source Article from http://www.standard.co.uk/business/business-news/uniqlos-record-oxford-street-rent-sparks-fears-of-west-end-price-hikes-10165231.html

April 9, 2015 |
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