(Alliance News) - Fast Retailing Co Ltd on Wednesday unveiled plans to open a new Uniqlo store on London's prestigious Regent Street, renting retail space from property investor Great Portland Estates PLC.
London-listed Great Portland Estates said its Great Ropemaker Partnership joint-venture, operated alongside Ropemaker Properties, has let all of 103/113 Regent Street to Fast Retailing unit Uniqlo.
Great Ropemaker is the property nominee of the BP Pension Fund.
The 56,850 square foot Regent Street site contains office and retail space. It was previously let by Superdry PLC. An adjacent property, the ground floor of 19/25 Sackville Street has also been let to Uniqlo. This asset is owned by the UK Crown Estate, which manages holdings and land belonging to the monarch.
"Uniqlo will undertake a comprehensive fit out and their new Regent Street flagship store trading over lower ground, ground and first floors will open in Spring 2022," Great Portland Estates noted.
Part of the ground floor of the Regent Street site will be occupied by Theory, another Fast Retailing clothing brand.
Fast Retailing added: "In addition, newly expanded head offices for the companies' European and UK operations will be housed across three floors above the store. This will include for the first time an in-house press showroom for Uniqlo. All such steps reflect the continued commitment from Uniqlo and Theory to strengthen their presence in the important UK market and increase the level of engagement with customers."
Fast Retailing shares closed down 0.4% at JPY80,490 each in Tokyo on Wednesday. Landlord Great Portland was trading 1.7% lower at 748.00 pence a share in London on Wednesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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