Topshop’s second act: Experts reveal how it can win over the high street
Topshop wasn’t just a fashion brand - it was a movement. Take it from me, a Millennial, who was in her teenage prime during Topshop's heyday. For many Millennials, like myself, it was the backdrop to formative fashion moments: the first pair of skinny jeans, the hunt for the perfect party dress, the pilgrimage to Oxford Circus. But as the high street continues to evolve and Topshop prepares for its comeback under new ownership, it’s facing a much more complex landscape - and a new generation of shoppers who may not hold the same nostalgic ties.
Last month, Topshop took to the social media platform with a series of three posts that spelled out "We've missed you too". This was the confirmation that fans of Topshop had all been waiting for: it's back.
It shared another three posts on Instagram this week, with the caption reading: "We’ll see you IRL in August". So, it's looking like the beloved British retailer is headed back to the high street, but which one, however, remains a mystery. As its new owner, Bestseller, prepares to make waves in the industry, I am bracing myself for its return. Can it live up to my nostalgic memories? Will I ever relive the days of Topshop's Joni jeans and John Lennon emblazoned tees?
TheIndustry.fashion speaks to fashion and retail experts to get their opinion on whether Topshop can take back the high street and how it needs to go about appealing to its OG customers as well as garnering Gen Zers.
Retail expert Richard Hyman believes that bringing Topshop back won’t be about reinvention but rather revival with caution. "If it’s got any credibility left, it’s rooted in what it was," he says. "Getting back to its heyday? There’s no chance. Those days are gone. The market is completely different."
He also noted that the middle market has become especially squeezed: "Although the target markets are different, there’s still an overlap with the likes of Marks & Spencer and NEXT. They’re doing well, which means everyone else has an even more squeezed offer."
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Simply recreating the Topshop of the 2000s won’t cut it. What made it special then - its trend-setting designs, cool-girl collaborations and physical spaces that felt more like teenage playgrounds than stores - won’t automatically translate in today’s retail environment. This is especially true when considering consumers now shop via Vinted and TikTok, often favouring secondhand or slower fashion over mass-produced styles.
Topshop Oxford Circus, 2017
Sara McCorquodale, CEO and founder of CORQ, believes Topshop must immerse itself in today’s hyper-speed, creator-driven culture to remain relevant. "To compete now, Topshop would need to hook into the digital trend cycle, which is defined by influencers," she explains. "This would allow it to establish and maintain relevancy while driving a high volume of sales—but it’s a gruelling pace to stick to."
She also sees a potential path in appealing to its original shoppers as they mature, similarly to how Abercrombie reestablished itself on the high street. "Topshop could attempt to cater to what its previous customer wants now and, in a sense, grow up with them. It could also try to specialise in a particular niche or do limited-edition collections which are coveted, leaning more into its former Topshop Unique brand. If marketed through creator channels well, this would have cross-generational appeal."
One Instagram user commented on Topshop's teaser post last week: "Please tell me this is going to be just like the original Topshop? I want Joni jeans, blazers, Kate Moss and Alexa Chung! I want those comfy ballet shoes that I had in every colour, I want the boot collection, I miss Topshop boots. I miss your iconic tea dresses with tights and boots. I even want that cheesy Twilight collab you did and the sleeveless high neck t-shirts - I had the John Lennon one!"
There’s also a broader cultural shift underway when it comes to garnering the next generation. While Gen Z still buys fast fashion, many do so with more intentionality. They might snag something trendy from ZARA, but they’re just as likely to browse Depop for vintage gems. "The modern fast fashion consumer has evolving requirements," says McCorquodale. "The rise of re-commerce shows that younger shoppers are more eco-conscious. They’re not anti-fashion, but they are critical of waste and inauthentic marketing."
Marcus Jaye, Industry Commentator, added that Topshop’s nostalgic appeal could be a major asset—but only if it’s handled smartly. "If it’s going to work, it’s going to need both Millennials and Gen Z," he says. "Its biggest USP is the nostalgia for its golden era of the 00s, held mostly by Millennials."
But it won’t be enough to coast on memory. Jaye argues that the brand’s physical store comeback needs to offer more than just racks of clothes: "It will need to really think about the stores and offer an experience that feels distinctive and contemporary." One of the brand’s biggest missteps, he said, was going fully digital under ASOS. "It was a mistake to close all the original Topshop stores. Merging onto ASOS just made it disappear amongst the huge amount of product on there."
The reintroduction of physical retail - rumoured to be coming to regional hotspots like Liverpool or Newcastle - could help revive its identity. "If it is in a beta testing phase, it’ll probably be a big out-of-town shopping centre or in a city where people still want to dress up when they go out," said Jaye.
Richard Hyman also underscores the daunting challenges of physical retail in today’s economic climate. "There will be a lot of space, as not many people are opening clothing stores. But that should tell you something—you’ve got to have tremendous courage to do that in this economy."
To carve a meaningful place again, Topshop must deliver a clear point of view—something with "je ne sais quoi", as Jaye puts it. "It needs a strong creative director and it would be great to follow other brands’ leads and take on a well-known designer name," he suggested.
But it’s not just about who's behind the scenes; it’s also about how the brand shows up on feeds. Gen Z may be jaded by influencer culture, but they still respond to creators who feel authentic. "I hope not," says Jaye when asked if the comeback will be purely influencer-led. "The original Topshop customer is probably shopping in ZARA now, and that’s something to think about when repositioning it."
So, how can the retailer carve a lasting space on the ephemeral British high street? A strategic hybrid of old and new might be the magic formula: reviving some of the brand’s most beloved traits—edgy design, cool collaborations, British irreverence—while layering in new formats, like curated drops, TikTok Shop placements and retail environments designed for selfies and storytelling.
Topshop SS25
Bestseller, Topshop’s current owner, certainly has the resources. "They wouldn’t have taken it over without very careful thought," Hyman notes. But he also questions Danish company Bestseller’s ability to develop a brand tailored to the UK market, particularly in wear. "It’s not clear how good Bestseller is at creating leading brands for the UK consumer," he adds.
In short, Topshop can't chase trends, it needs to set them again. For the next generation to get on board, it needs to give them something to connect to, whether that be through digital campaigns or immersive experiences that invite people to gain an attachment to the brand that defined a generation.
