Vans signs lease for flagship in former Oxford Circus Miss Selfridge site
today Jul 12, 2019
Miss Selfridge’s loss is Vans’ gain with the US sports shoe brand set to step into the Oxford Street, London, space vacated by the Arcadia label as part of that group’s CVA-linked store closure programme.
And it means Vans will be in one of the prime positions at Oxford Circus, next door to Topshop and also, importantly, close to the Nike flagship.
The Evening Standard reported that Arcadia has agreed to let the space that had been occupied by Miss Selfridge’s flagship to Vans. It’s a further sign of the importance of sports brands to the modern fashion market and the dominant position trainers hold in the shoe sector.
Miss Selfridge has already moved into Topshop with a concession in the premium Oxford Circus location.
Despite Arcadia’s CVAs having been important because of the leverage they gave the group in its drive to reduce rents, it had complete flexibility with the Miss Selfridge site as it owns the lucrative building, albeit with a heavy mortgage.
It’s not known how much Vans is paying to occupy the store but it’s now expected to open at the site before the end of the year.
Brand marketing director Simon Charlesworth said the shop will “be one of our largest stores globally. London serves as one of the key global retail marketplaces and central hub of a thriving creative culture.”
Will the new flagship affect its existing store on Carnaby Street? It seems not. The company said it will remain open and that makes commercial sense given Carnaby’s reputation as a destination for sneaker fans.
Copyright © 2019 FashionNetwork.com All rights reserved.