Topshop Oxford Street

The building housing Topshop’s flagship store on Oxford Street is up for sale, several UK media outlets have reported.

Arcadia, the High Street chain’s owner, filed for bankruptcy last November, placing 13,000 jobs at risk. The company also owns Miss Selfridge and Dorothy Perkins

First opened in 1994, Topshop’s popular Oxford Street flagship store made waves in the retail industry for being decked out with a DJ booth, nail bar and food stalls.

214 Oxford Street, the store’s address, is officially on the market following the failure of Sir Philip Green’s retail empire to secure funding to pay its debts after sales plummeted during the pandemic.

Arcadia has said that despite going into administration, with a view of all assets to be sold, this does not mean the shops in the building would have to close.

Since the start of the pandemic, Arcadia had already closed other Topshop stores across the UK over poor sales.

Traditional brick and mortar stores, with Topshop no exception, had already been struggling over competition with online retail platforms such as Asos, Boohoo and Pretty Little Thing.

Main image: Topshop, Oxford Street / tomann-hanry.co.uk

Related

UBS to buy ailing Credit Suisse in emergency rescue deal

March 20, 2023
by Robert Fenech

The move was welcomed by banking regulators around the world

Protests erupt as French President forces retirement age hike without a vote

March 17, 2023
by Arnas Lasys

The pension reform increases the age of retirement from 62 to 64

Credit Suisse crisis causes panic among major European banks

March 16, 2023
by Arnas Lasys

The bank's share price experienced two consecutive all-time lows within a couple of days