Watch retailer Swatch Group has signed a record rent for a new Oxford Street store, paying £1,010/ sq ft for its zone A space.
The group has taken a new lease at 411 Oxford Street, owned by Hong Kong investors Circle Group, for its first UK standalone store for its Longines brand.
The Swatch Group will pay an annual rent of £535,000 for the 1,000 sq ft opposite Selfridges, equating to £1,010 zone A.
Anthony Selwyn, head of central London retail at Savills, who acted for the landlord, said: “This level of rent sets a new benchmark for Oxford Street at over £1,000 zone A, which comes as no surprise with brands aggressively competing for the best locations.”
Sam Foyle, Oxford Street specialist at Savills, said: “The redevelopment of much of the eastern end of the street combined with the key department stores strengthening their offer west of the circus, will ensure, in the short to medium term, continued rental growth.”
Harper Dennis Hobbs represented Swatch Group.