Longines to open first UK standalone store
Swatch Group is set to open its first UK standalone store for its Longines watch brand.
The 1,000 square foot store will be situated opposite Selfridges on London’s Oxford Street.
The Swatch Group will pay an annual rent of £535,000, equating to £1,010 Zone A. Savills, which acted for the landlord, said this is a record rent for Oxford Street.
Anthony Selwyn, head of central London retail at Savills, 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, added: “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.”
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