A flagship adidas store is proposed for 425 Oxford Street in London’s West End.
The joint venture owning the property, Grosvenor Britain & Ireland (Grosvenor) and Stow Capital Partners (Stow), has agreed to pre-let 43,000 square feet of retail space to Adidas. The scheme involves the reconfiguration and extension of the lower five floors of the ten storey building. This will create a larger unit for adidas, which aims to create a new flagship store in the prime retail location, opposite Selfridges Department store in the heart of London’s West End.
Consultation with the local community and stakeholders is underway in advance of a planning application to Westminster City Council. If plans are approved, the new flagship store will open in 2018, with double height windows on the ground floor and extensive frontage onto Oxford Street, one of the world’s foremost shopping destinations. The redevelopment aims to reduce the number of service vehicle movements.
The designs by PLP Architecture include improvements to the outward appearance of the building, which currently has four different retail units at ground level. The new store aims to further enhance Oxford Street and the West End’s reputation as a shopping district.
Roland Auschel, adidas Executive Board Member Global Sales said: “We are incredibly excited about realising this project in the heart of London. Key Cities like London will play a lead role in influencing and shaping the future of our brands. We will "WOW" our consumers through consistent premium presentation at every touchpoint. This store will be our Flagship retail space in the heart of London’s busiest shopping street. Here, we will provide our consumers with the best adidas experience, showcasing our latest product innovations and exciting marketing co-operations brought to life through a brand new store design and amazing consumer experience!”
Craig McWilliam, Executive Director London Estate at Grosvenor Britain & Ireland said: “The West End is one of London’s greatest attractions for residents and visitors alike. It is a major driver for the London and UK economies. We all need to invest in the quality of shops, public spaces and shopping experience so that Oxford Street can carry on attracting the world’s best retailers. adidas’ investment is a vote of confidence in the West End’s potential for growth.”
Julian Milne, Managing Director of Stow UK said: “The objective at the outset was to create a state of the art flagship retail store to meet the demands of international retailers seeking space in Oxford Street. We received very strong interest in our concept design from a number of leading brands and were delighted to agree terms with adidas. The pre-letting to adidas will now allow us to tailor this development to the occupier’s specific requirements and create a truly exceptional store.”
According to the West End Partnership’s recently launched vision for the West End, Oxford Street attracts 600,000 visitors per week and its retailers take approximately £5bn in sales per year. The West End contributes 3% of the UK’s economic output.
CBRE and Cushman & Wakefield acted for Grosvenor / Stow and JLL acted for adidas.
For more information contact:
Hamish McDougall/Sorrel Basher, Press Office
020 7312 6479/6101
Notes to Editors
About the adidas group
The adidas Group is one of the global leaders within the sporting goods industry, offering a broad range of products around the core brands: adidas, Reebok, TaylorMade and Reebok-CCM Hockey. Headquartered in Herzogenaurach, Germany, the Group has more than 53,000 employees and generated sales of EUR 14.5 billion in 2014. For more information, visit www.adidas-Group.com.
Stow is an international property investment development and management company with operations in the UK and Middle East.
In the UK, Stow’s activities are focused on London’s West End where it holds a high quality portfolio of commercial and residential assets, including prime Mayfair offices, Oxford Street shops and Mayfair boutiques. Current developments include Mayfair office, retail and residential schemes.
About Grosvenor Britain & Ireland
Grosvenor Britain & Ireland is part of the Grosvenor Group.
Grosvenor Britain & Ireland’s mission is to create and recreate inspiring places and neighbourhoods, delivering value for customers, shareholders and co-investors with its place-making expertise. It owns, develops and manages a diverse property portfolio in cities across Britain and Ireland. Business units are focused on its London estate, comprising 300 acres of Mayfair and Belgravia in the heart of the UK’s capital, and developments elsewhere in London, Edinburgh, Liverpool, Oxford, Cambridge and Southampton. As at 31 December 2014, Grosvenor Britain & Ireland had £5.2bn of assets under management.