Dr Martens has signed a 10-year lease for a new store on London’s Oxford Street, in a move welcomed as further evidence that the district is recovering its reputation as a world-class shopping destination.
Landlord the Langham Estate has completed the leasing of 6,000 sq ft at 184-188 Oxford Street, W1, to Dr Martens, across basement, ground and first floor levels. The premises, previously let to Aldo Shoes until 2020, is close to Oxford Circus and adds to the retailer’s store further west at 386 Oxford Street, W1, and its flagship store at 48 Carnaby Street, W1.
Savills, which advised Langham, said the deal highlights the “surge” in retailers looking to grow their brand on Oxford Street, which is currently undertaking a transformation set out by the City of Westminster. Eastern Oxford Street in particular is expected to see further growth on the back of the new Elizabeth line interchange at Tottenham Court Road station, which is seeing a 73% uptick in Underground passengers.
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Dr Martens has signed a 10-year lease for a new store on London’s Oxford Street, in a move welcomed as further evidence that the district is recovering its reputation as a world-class shopping destination.
Landlord the Langham Estate has completed the leasing of 6,000 sq ft at 184-188 Oxford Street, W1, to Dr Martens, across basement, ground and first floor levels. The premises, previously let to Aldo Shoes until 2020, is close to Oxford Circus and adds to the retailer’s store further west at 386 Oxford Street, W1, and its flagship store at 48 Carnaby Street, W1.
Savills, which advised Langham, said the deal highlights the “surge” in retailers looking to grow their brand on Oxford Street, which is currently undertaking a transformation set out by the City of Westminster. Eastern Oxford Street in particular is expected to see further growth on the back of the new Elizabeth line interchange at Tottenham Court Road station, which is seeing a 73% uptick in Underground passengers.
Sam Foyle, co-head of prime global retail at Savills, said: “Dr Martens is a sign of the quality of new tenants signing to take stores on Oxford Street following recent openings by Rituals, Pandora, Foot Asylum, Reserved, Under Armour and Paris Saint-Germain, to name a few. There are going to be many more announcements in the coming weeks.”
CBRE advised Dr Martens. Data from the agent shows that 20 permanent deals have already completed on Oxford Street in 2023, totalling more than 150,000 sq ft. There are at least 10 more units under offer, accounting for more than 100,000 sq ft of retail space. As a result, there are now fewer than 30 units immediately available on Oxford Street.
Ram Rasiah, senior director for UK retail at CBRE, said: “Lower business rates and rebased rents are aiding both international and national occupiers with their store expansion plans and, to a certain extent, allowing them more choice when deciding the location of their next store. Dr Martens is a market-leading and globally recognised brand, making it a much-welcomed addition to Oxford Street on a part of the street that is primed for further growth.”
Oxford Street has struggled with the loss of traditional high street retailers in recent years, with closures prompted by both the lack of tourist footfall owing to the pandemic and the structural shift to online shopping. This led to the rapid rise of American-themed candy and souvenir shops linked to tax evasion and organised crime, damaging Oxford Street’s reputation.
To send feedback, e-mail julia.cahill@eg.co.uk or tweet @EGJuliaC or @EGPropertyNews
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Photo from Savills
