Topshop is making a comeback to Oxford Street after a five-year absence from its flagship location. The renowned fashion retailer closed its Oxford Street store in January 2021 following the collapse of its parent company, Arcadia Group, in November 2020.
After being acquired by ASOS for £330 million, Topshop is now gearing up to open its first standalone store on Oxford Street within the next year, as reported by Drapers. Although Topshop made a return to Oxford Street last year through a launch at Liberty department store, this upcoming store marks its first standalone presence in the popular London shopping area.
The brand has also expanded its reach by being available in all 32 John Lewis department stores, with Topman products offered in seven stores and online on the John Lewis website. Michelle Wilson, the managing director of Topshop, expressed that customers are eagerly anticipating the return of Topshop to physical stores.
Previously operating 300 stores in the UK, Topshop saw a significant change in ownership when ASOS sold a 75% stake in Topshop and Topman to create a joint venture with Heartland, owned by Danish billionaire Anders Holch Povlsen. The brand’s online platforms, Topshop.com and Topman.com, have been relaunched to complement its physical presence.
In line with Topshop’s revival, other brands like Russell & Bromley are also making a comeback to the high street. Russell & Bromley, a luxury shoe chain, was rescued by Next from administration, with Next acquiring its brand, intellectual property, and a portion of its existing stock. As part of the deal, only three Russell & Bromley stores remain open, while the remaining 33 branches have been shut down.
Established in 1880 by George Bromley and Elizabeth Russell in Eastbourne, Russell & Bromley currently employs over 450 individuals and is now under the leadership of Andrew Bromley. Next’s acquisition spree also includes brands such as Cath Kidston, Joules, Seraphine, and Made.com in recent years.