AN ICONIC lingerie brand with 57 stores and Next concessions is set to close its flagship location, according to reports.
Victoria’s Secret is expected to leave its current location at 111-115 New Bond Street in London as it prepares to relocate.
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It’s believed that the lingerie giant is closing in on a deal to take on a unit at 360-366 Oxford Street – less than a quarter of a mile away.
The retail space, which was previously occupied by H&M, is next to the Superdry flagship store.
Victoria’s Secret opened its New Bond Street location as part of its first UK stores alongside Westfield Stratford in 2012 and is believed to have a flexible lease agreement with its current landlord.
However, it remains unclear as to when the proposed relocation will take place, according to Drapers.
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The Sun have contacted Victoria’s Secret for comment.
The report also adds that there are refurbishment plans for the current site at New Bond Street, which will be split into several retail units once completed.
But negotiations between retailers and the government over rebuilding in this area has not always gone to plan.
Last year, Marks & Spencer threatened to close its flagship Oxford Street store if it wasn’t allowed to rebuild it.
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In July, it was rejected permission by the government and announced it would review its future as a fixture on Oxford Street.
Victoria’s Secret will be hoping things run a little smoother, however, when they plan to move just down the road.
Last month, the company celebrated the opening of its new store in Bristol’s Cribbs Causeway shopping centre.
It became the first new standalone store since merging with Next in 2020 and the first to feature its new store concept design.
The west country store features enhanced digital touchpoints and an overhaul of the look and feel with softer lighting and colours.
Victoria’s Secret currently has 57 stores in total in the UK , of which 21 are standalone, and shoppers can click and collect at all 500 Next stores.
And things could have been different after the company entered administration three years ago as a result of the coronavirus pandemic.
Within three months, however, the company was saved by Next after the high street retailer agreed to buy the struggling brand in September 2020.
But stores in Bristol, Leeds and Southampton, among others, have since closed.
Next announced their own plans to close 11 stores earlier this year in a huge blow to shoppers.
The high street chain said six of the closures were to take place because it expects the stores won’t reach their target margins.
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And a popular high street fashion chain has launched a huge closing down sale as it prepares to shut one of its shops for good.
USC is closing one of its branches before Christmas and it has marked down all full price items by at least 20%.
This post first appeared on thesun.co.uk
