A defining location on London’s Oxford Street, Sir Philip’s Green tarnished empire has taken another hit with the Topshop flagship store on sale.
The listing price is over 400 million pounds, according to the Guardian, with US property investment bank, Eastdil Secured, managing the sale.
Currently Redcastle Ltd controls the Oxford Street store, having earlier appointed administrators for the site. At 100,000 sq ft, the former fashion emporium is well-equipped for tenants with big collections and large volumes of inventory.
A number of retailers are thought to be interested, including JDSports, Frasers Group, Amazon and Nike. According to the Business Sale Report H&M and Boohoo have also made enquiries.
A changing retail landscape
What London doesn’t need is another giant-sized fast fashion store that already operates countless retail stores in the city. It is unlikely, however, that the Oxford Street space will attract niche brands and retailers, as the asking price is too steep for smaller fashion companies.
When the property is sold, private equity firm Apollo will receive the first 311.6 million pounds of the sale, said the Guardian.