It is thought that several potential new tenants have been identified and it is understood that international fashion brands are preferred.
This is in keeping with the plans of freehold owner Crown Estate, which wants to encourage more international brands to open on Piccadilly. In the past year US retailer Banana Republic and mobile phone operator Nokia have opened on nearby Regent Street, and Ferrari has signed for space to retail fashion and accessories. National Geographic is also in the process of fitting out a store.
Retailers that are keen to take large stores in this area of London include Best Buy and Forever 21.
The future of Zavvi’s tenancy at the Piccadilly store has been the subject of continued speculation. However, the music retailer has denied any intention to leave the site. A spokesman for the retailer said it “had no plans to vacate the store”.
The store – which was occupied by Virgin Megastores since 2003 – was previously leased to Tower Records.
Zavvi also has a lease on the former Virgin store on the junction of Piccadilly Circus and Haymarket. However, the retailer is not expected to reoccupy this unit.
Zavvi continues to expand and is in talks on between five and 10 new stores for openings next year.
Standard Life declined to comment.