Saint Laurent agrees record rent for Bond Street space

By

Sandra Halliday

Published
Apr 24, 2023

Kering has agreed a lease for its Saint Laurent brand on London’s premier luxury shopping thoroughfare, Bond Street, with reports saying it’s paying a record UK store rent.

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The deal comes as many retailers have been agreeing more attractive rental deals due to landlords accepting that they can’t command the high prices they did pre-pandemic. And even Bond Street has seen its rental figures edging downwards.

But this new lease is clearly a sign that the right space in the right place can still command stratospheric figures.

The previous record had been set as far back as 2016 when Ralph Lauren signed an £11 million lease for its Bond Street store.

Market sources told The Sunday Times that Kering will pay over £13 million a year for the six-storey property on the corner of Bond Street and Grafton Street. And it added that the conglomerate had been in a race with luxury rivals LVMH and Richemont for the site.

The building itself is owned by investment firm O&H Properties, which had been seeking offers over £9 million a year.

It’s a further sign that the biggest names in the luxury sector continue to thrive as affluent tourists return to the UK (despite the ending of VAT-free shopping) and well-heeled locals also spend more.

A similar effect is being seen across town in Chelsea/Knightsbridge with plans to invest heavily in the refurbishment of Sloane Street and some of the biggest luxury labels upsizing their already-large stores on the street to meet rising demand.