Canadian shoes and handbags retailer Aldo has signed for two more stores on London’s Oxford Street, taking its store count on the famous shopping destination to four.
Oxford Street has proved resilient in the recession, with demand for stores outstripping supply. US fashion giant Forever 21 last month paid a premium of £13.7m to entertainment retailer HMV for its store at 360 Oxford Street.
Aldo will open a store in the unit formerly occupied by Ravel at 184-188 Oxford Street. Landlord Great Portland Estates is reconfiguring the shop, which will feature three levels, although it is not known if Aldo will trade from all them. The ground floor covers about 2,000 sq ft, the first floor covers 2,500 sq ft and the basement 1,500 sq ft.
Aldo will pay £920,000 rent per annum. It is due to open next May.
The retailer will also open a shop in the Suits You store at 372 Oxford Street. It will pay £700,000 a year for the store, and is due to open in late February. The landlord is F&C Reit.
Aldo confirmed the store opening at 372 Oxford Street, but declined to comment on the 184-188 site.
Aldo already has stores at 309 as well as 146-148 Oxford Street. It operates 1,200 stores globally including the UK, Canada and the US.
Property agent CB Richard Ellis acted for both landlords and also Aldo on 184 Oxford Street.