Technology giant Dyson is poised to open a store on London’s Oxford Street before the end of the year, Retail Week can reveal.

The shop, Dyson’s second standalone store worldwide, will be located in the Tribeca-owned development at 439-451 Oxford Street opposite Selfridges.

The store does not have a permanent tenant at present and it is understood rent will be around £1m a year.

Sources close to the situation told Retail Week that contracts on the unit will be exchanged “within the next fortnight.”

Dyson bosses are understood to have targeted a late November opening date in a bid to capitalise on Christmas trade.

It is believed the shop will provide a similar offer to that of Apple’s stores, with staff on hand to offer tech assistance and advice to customers. In addition to vacuum cleaners, the shop will also sell a range of lifestyle lines including fans.

Increasing its portfolio

Retail Week understands the vacuum cleaner manufacturer, which trades in more than 70 countries, is seeking to bolster its portfolio to around half a dozen stores across the globe, with London pinpointed as a key market.

Its first store opened in Tokyo in April.

A spokeswoman for Dyson admitted the business is looking for stores, but did not confirm the Oxford Street opening. She said: “We like people to get hands-on with our technology. Cleaning up, down, in-between with our cordless vacuums or feeling the hydrated air from our hygienic humidifiers. It’s all about experience.

“We are looking at environments, like our Tokyo space, that allow us to explain our technology and hopefully enthuse people about science and engineering too.” 

Commercial property agent CBRE, which is acting for Dyson on the deal, declined to comment.