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March 28, 2019

There Was Only 1 Leasing Deal On Oxford Street Last Year

It is Britain’s most famous shopping street, a tourist mecca, and traditionally where big retailers who want a presence in London put flagship stores. But there was only one major retail leasing deal on Oxford Street announced last year.

TK Maxx taking over a 30K SF store from financially troubled retailer New Look was an eye-catching deal. And there was another smaller deal for shirtmaker T.M. Lewin to take a unit in the block formerly occupied by department store BHS.

But on the whole, one large deal on the iconic London shopping strip is a cyclical low, and shows how even the most-well known destinations in retail — it was London’s busiest shopping street in 2017 with 194 million visitors, according to Savills — are being forced to adapt by changes in consumer behaviour.

There Was Only 1 Leasing Deal On Oxford Street Last Year

Existing retailers are looking to exit stores, and the flow of new retailers looking for space on the street has slowed to a trickle, meaning availability is high for a destination where retailers previously had to fight for space. As a result, rents will likely fall from the records set…

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