TK Maxx to open first Oxford Street store
It looks like New Look’s loss will be TK Maxx’s gain with the value fashion retailer’s store closure programme presenting the discounter with a major opportunity to move into what had been a New Look flagship development not so many years ago.
TK Maxx will be moving into the four-storey former New Look store at 203-207 Oxford Street. This will be the company’s first foray onto the UK’s premier shopping street (which also happens to be Europe’s busiest shopping street), and will underscore the success of the TK Maxx store opening programme.
Only last month the retailer reported a 10.6% increase in annual turnover due to it opening as many as 23 new stores across the UK, despite the trend for retail chains to rein-in their openings this year.
The 30,000 sq ft space it’s to take over will add to its existing central London trio that are located in the City, Covent Garden and Kensington.
The company has signed a 10-year lease and will pay £2.5 million a year to the landlord Pontegadea, which interestingly is the investment firm controlled by Inditex founder Amancio Ortega.
The store will open next spring, according to reports.
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