Watchmaker Swatch Group is to pay a record Oxford Street rent with the opening of the first UK standalone store for its Longines brand.
The Swiss group has secured a 10-year lease at 411 Oxford Street, from Hong Kong investors Circle Group. The 1,000 sq ft unit is located opposite Selfridges.
Swatch, which already has a store at 313 Oxford Street, will pay an annual rent of £535,000, equating to £1,010 per sq ft - a record rent for Oxford Street. The retailer is expected to open the unit within eight weeks.
Sam Foyle, Oxford Street specialist at Savills, said: “This level of rent…comes as no surprise with brands aggressively competing for the best locations.”
It comes as JD Sports is set to unveil a new flagship store on Oxford Street this week, the sports retailer’s biggest ever store. Matalan opened its first Oxford Street store last month.
Head of central London retail at Savills, Anthony Selwyn, 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.”
Harper Dennis Hobbs represented Swatch Group.