Watch2Watch, a new retail venture by design, marketing and communications group Cobalt, will open its first ever shop in London’s King’s Road on July 28.
The watch retailer takes possession of its store, next to Marks & Spencer, this afternoon. It has agreed to pay landlord AMP Asset Management £92,500 pa, or £205 Zone A, on a new 15-year lease. The store has 85 sq m (900 sq ft) over ground and first floors. The rent is the highest ever achieved for this section of the King’s Road. The previous high was £170 Zone A.
Cobalt won funding for Watch2Watch from a City consortium. It also has the backing of watch brands Swatch, Caterpillar and Seiko.
Ian Woodhouse, Cobalt’s managing director, said : “We’ve chosen the King’s Road for our first store because of the footfall and profile of shoppers it attracts.” He added that a national roll-out is planned. The ideal store size is up to 93 sq m (1,000 sq ft) and locations on Woodhouse’s wish list include fashion-conscious towns and cities such as Brighton, Manchester, Dublin and Glasgow.
“We have finance in place for another five stores, but we are having trouble finding suitable locations,” added Woodhouse.
AMP was advised by Nelson Bakewell, which refused to confirm details of the deal.
EGi News 17/06/98
