JD Sports will open a second store on London’s Oxford Street in a bid to grow its portfolio and build further trading momentum.
The sportswear specialist has penned a 10-year lease on a 23,000 sq ft store in West One Shopping Centre, above Bond Street tube station, which was occupied by The Toy Store until earlier this year.
JD Sports, which already has a store at 201-203 Oxford Street, will pay an annual rent of £3.1m on the newly secured property.
Last year, the retailer converted its existing 34,500 sq ft store east of Oxford Circus into its superstore concept, which has driven sales.
JD Sports exited a smaller second unit on the street earlier this year, owing to the building being developed, but the new deal means it will have stores on both the east and west of Oxford Street.
It comes a month before the retailer reveals its half-year results, which are expected to come in at the top end of expectations.
JD said last month that “strong” performance during the final six weeks of the half year left it “well positioned” to deliver pre-tax profits in the “upper half” of City consensus, between £170m and £190m.
Savills Oxford Street specialist Sam Foyle, who advised JD Sports on the deal, said: “This property is ideally positioned to complement our client’s existing store on east Oxford Street and ensure JD Sports can maximise the benefits of future footfall increases linked to Crossrail and other infrastructure improvements.”