American sports goods company Nike is close to signing a deal with Burton Group to open a UK flagship outlet at 214-234 Oxford Street, W1.
Nike’s sales and development director Tim Walley said the company was in talks for part of the 20,995 sq m (226,000 sq ft) prime retail site at Oxford Circus, currently occupied by Top Shop and Top Man.
The deal is expected to be signed on around 6,503 sq m (70,000sq ft) on three upper floors, although some street level space will be included. Walley hinted that negotiations would be complete before Christmas.
Zone A rents in the area top £300 per sq ft, but Nike is likely to negotiate better terms on such a large space.
The store will be a shrine to the brand, similar to the Nike Town flagship operation in Chicago, rather than a traditional retail outlet. One industry source said the size of the shop means Nike will not be looking for a profit but will be treating it as a marketing and brand building exercise.
Nike is also understood to be looking for outlets in Europe, including Holland and Germany.
EGI News 13/11/96.
