Topshop’s flagship Oxford Circus store will not re-open after the UK’s third national lockdown, it has been reported.
It emerged over the New Year that the 214 Oxford Street store, which first opened in 1994, is being marketed by agents Savills and Eastdil following Topshop owner Arcadia’s fall into administration at the end of last year.
The store was renowned globally and was one of the earliest examples of “experiential retail” housing a DJ booth and beauty bars long before they were the norm in clothing stores.
It also became a well-known spot for model scouts in the 1990s and 2000s who visited the store to find new talent among the fashion-hungry teens that flocked to the sites at weekends.
Shoppers have been sharing their memories of the store on social media and expressing their sadness at the closure of a London landmark.
i am legitimately sad about topshop closing and i will resent whatever shop takes over the big topshop on oxford street forevermore. sorry i know this is not very leftist of me
— Natalya Lobanova (@NatalyaLobanova) January 5, 2021
The 214 Oxford Street site also houses Nike Town and a new branch of Vans, which took over the space formerly occupied by Topshop sister brand Miss Selfridge. COVID-19 lockdowns aside, it is one of the most coveted pieces of retail real estate globally.
It is likely the vast majority of the proceeds from the store will go towards filling the hole in Arcadia’s pension fund.
Administrators Deloitte are said to have given potential bidders for its brands a deadline of 18 January. Before Christmas plus size brand Evans was sold to Australia’s City Chic Collective in a deal which did not include its retail stores.
Frontrunners to pick up the rest of the brands, with Topshop said to be valued at £200m, are said to be Boohoo, Next in partnership with US investor Davidson Kempner, Mike Ashley’s Frasers Group, Chinese group Shein and Authentic Brands.