Italian fashion retailer Benetton to return to Oxford Street

Italian retailer Benetton Group is poised to make its return to London's Oxford Street with the opening of a 15,300 square foot flagship store.

Great Portland Estates revealed that Benetton has agreed to pre-let remaining retail store within its development at 73-89 Oxford Street, at a rent of 2.6 million pounds per year. The Italian fashion group will take a 20 year lease and is set to trade alongside value fashion retailer New Look, who agreed to rent a 31,800 square foot store last March.

The move would see Benetton return to Oxford Street following the permanent closure of its former store at 98 Oxford Street. The fashion group has yet to confirm if it will be relocating its current store at 255-259 on Regent Street, or if the new flagship will be an additional store.

"We are delighted to welcome Benetton into the portfolio," said Neil Thompson, portfolio director of GPE. "Securing one of the world’s top retailers in this high quality development, opposite a Crossrail station, continues the exciting regeneration of the eastern end of Oxford Street."

The redevelopment is expected to open spring, 2017.