Luxury fashion brands expand their stores on Sloane Street

The strength of the luxury retail market in London’s West End is showing no signs of abating as three top international fashion brands, all advised by Cushman & Wakefield, ink deals.

Two of these deals involve retailers expanding the size of their stores in response to strong demand, in order to display more of their collections and to generate higher revenue, adding further to the amount of luxury retail floorspace in London’s West End.

Italian fashion designer Alberta Ferretti is expanding its store at 205-206 Sloane Street from 3,500 sq ft over ground and basement, to 5,000 sq ft, including ground, basement and first floor.

The Italian clothing and accessories retailer Loro Piana is increasing the size of its store at 47 Sloane Street. It has bought the lease of adjacent property, 48 Sloane Street, from shoe designer Walter Steiger, and will combine the two properties to create one flagship store. By doing so, Loro Piana will be expanding its total floorspace from 2,280 sq ft to 3,500 sq ft. Following the sale of its lease, Walter Steiger has signed a 10-year lease at 27 Lowndes Street, the 1,500 sq ft space was previously an art gallery.

On all three deals, Cushman & Wakefield advised the retailer, CBRE and Nash Bond acted for the landlord, Cadogan Estates. Cushman & Wakefield also acted for Belstaff in their acquisition of their 20,000 sq ft flagship on New Bond Street in the other major luxury transaction in 2012.

Peter Mace in Cushman & Wakefield’s Central London retail team said, “There may be a recession but London’s West End luxury retail property market is booming. For international luxury retailers to be increasing the amount of floorspace in their stores when most other retailers are contracting demonstrates the increasing polarisation of the UK retail market.”