GPE bags Gaggenau for new global flagship store
GPE has secured home appliances retailer Gaggenau at its Orchard Court, W1, development.
The retailer has taken 6,900 sq ft on a 10-year lease at 6/7 Portman Square for a flagship store.
The brand will relocate from its current unit at 40 Wigmore Street, doubling its footprint and occupying a prominent position on Portman Square.
GPE has secured home appliances retailer Gaggenau at its Orchard Court, W1, development.
The retailer has taken 6,900 sq ft on a 10-year lease at 6/7 Portman Square for a flagship store.
The brand will relocate from its current unit at 40 Wigmore Street, doubling its footprint and occupying a prominent position on Portman Square.
Gaggenau is set to commence extensive refurbishment works in the coming months and it will be the anchor of GPE’s newly marketed “Portman & Wigmore”, which includes 1/9 Portman Square and 132/142 Wigmore Street, W1.
Sarah Goldman, head of retail at GPE, said: “As one of the leading luxury home appliance brands, the decision to relocate from globally recognised Wigmore Street and increase its footprint within the West End highlights the appeal of our central location at Portman & Wigmore, and shows we are committed to strengthening the retail offer.”
Head of Gaggenau UK Simon Richmond added: “Each of our new flagships around the world offer a unique experience to our consumers as well as our customers. We are excited to launch our latest flagship at Portman Square, W1. We have always had a great confidence in this area of the West End and having successfully showcased our products here for many years, we believe our increased investment and presence in London will be well received in the capital.”According to data from Savills, occupier sentiment in the West End retail market is positive, with availability of good-quality space on key streets heavily constrained. Prime West End vacancy rates tightened in Q2, reducing by 21 basis points to 3.7%. This was the lowest vacancy level since Q2 2019. As a result, rents are rising in the area, with core West End zone-A rents up by 13.8% year-on-year.
