Topshop eyes expansion amid rumours of new store plans

Topshop has drafted retail property advisory firm Vedra Group as it looks to expand its physical retail network, according to a report by Retail Week.

Topshop made its highly anticipated return to physical retail in the UK through a wholesale partnership with Liberty London in September last year.

Since then, it has also partnered with John Lewis, first with a series of pop-ups before expanding its presence on the UK high street by rolling out across 32 stores.

The expansion saw around 130 key styles become available in-store across womenswear, menswear and footwear, with John Lewis the exclusive UK physical retailer for Topshop SS26 footwear.

The latest reports would suggest that the brand is now looking to expand its retail portfolio with a standalone store, perhaps even returning to its previous home - Oxford Street.

All the Topshop and Topman physical retail stores were shuttered following the brand’s sale to online retailer ASOS for £265 million in 2021. The deal involved the purchase of the brand and online business only, with ASOS rolling out the e-commerce sites into its own online platform.

In 2024, ASOS then finalised the sale of a majority stake in both Topshop and Topman to a joint venture led by Heartland, which represents ASOS shareholder Anders Holch Povlsen and his fashion business Bestseller.

The new joint venture was established following a competitive sale process for the brands and sees Heartland indirectly hold a 75% stake in the joint venture for a £135 million cash consideration.

The remaining 25% stake is held by ASOS Holdings Limited, granting the online fashion retailer certain design and distribution rights for Topshop and Topman in return for a royalty fee, allowing it to continue marketing and selling the two brands online.