Next is to immediately close one of its stores on Oxford Street, with a window display pointing future customers to its newest flagship, close to Tottenham Court Road underground station.
Located next to the exit for the Bond Street underground station, the store is considered prime real estate. TheIndustry.fashion can confirm work has already begun to remove interior fittings and exterior signage on the building.
The news of closure comes as more high street shops risk going out of business as the Coronavirus pandemic continues to hurt retailers. Lockdown restrictions, social distancing and behavioural changes continue to directly impact footfall.
Earlier this month, Next reported that festive sales were better than expected, but warned the trading boost will be “almost entirely” wiped out by the third English lockdown.
The fashion and homewares chain said it now expects pro-rata 52-week annual profits of £370m for the year to the end of January, against £365m previously pencilled in.
TheIndustry.fashion has reached out to Next for comment.