Arcadia has lined up an American footwear brand to fill its prime Oxford Street site that was formerly occupied by its Miss Selfridge brand.
Sir Philip Green’s struggling retail empire has agreed to let space next to its Topshop flagship store in the West End of London to Vans, according to the Evening Standard.
The site was previously occupied by a Miss Selfridge, one of the group’s wider fashion brands, which has now opened a concession in Topshop.
Arcadia, which last month secured a restructuring deal with landlords following a protracted battle with landlords, was advised by property agent Savills and owns the Oxford Street building.
Vans, an American footwear brand famous for its slip-on chequerboard shoes, will open its new branch at the site before the end of the year.
Brand marketing director at Vans EMEA Simon Charlesworth said: “The Vans store on Oxford Street will be one of our largest stores globally. London serves as one of the key global retail market places and central hub of a thriving creative culture.”
The footwear brand synonymous with skateboarders will keep its existing store on Carnaby Street open.
Arcadia’s CVA passed last month at the second attempt, following a lengthy battle with a number of institutional landlords, including Intu.
The group will shut 23 stores and has secured rents cuts on nearly 200 others. In exchange, majority shareholder Lady Tina Green will provide an additional £100m of cash into the schemes to help bridge the shortfall, with funding of £25m a year for the next three years plus an additional £25m contribution.
The retailer has agreed with the pension bodies to reduce its contributions to the pension fund from £50m to £25m a year.