Watch brand Omega is understood to be eyeing a store on Regent Street for its second UK opening.

The retailer, part of The Swatch Group, is considering the 7,000 sq ft (650 sq m) site that is occupied by Racing Green. The fashion retailer sold its lease back to landlord Crown Estate, which is understood to have had several bids for the space.

Omega was founded in 1848. It has one store in the UK – on Old Bond Street – and its products are stocked by other retailers and in department stores.

The Swatch Group owns watch brands in all market segments including Breguet and Blancpain at the top end, Omega, Longines and Rado in the luxury market, Tissot, Calvin Klein and Mido in the mid-range, Swatch and Flik Flak in the more mainstream and Endura, which produces private-label watches.

There has been a flurry of activity on Regent Street in recent months. Armani AX opened on the street last week and Nokia is set to launch there at the beginning of December. Finnish homewares retailer Iittala has also signed a store on the street, to open in December, opposite Habitat and Zara Home (Retail Week, last week).

Early next year, H&M will open in the former Dickins & Jones store on Regent Street and, in March, Gap sister brand Banana Republic will make its UK debut on the street.