Next will exit its store on the eastern side of Oxford Street and JD Sports has agreed a deal to open a new flagship shop in the space, Drapers understands.
Next will vacate the 34,500 sq ft store at 201-203 Oxford Street in January, after which JD Sports is expected to start refitting the unit. It is understood to have taken an assignment of the lease from Next, which is said to have around 10 years remaining.
This would be JD’s second store on the street, with the other located at number 268-269. JD Sports did not respond to requests for comment.
The move comes after JD Sports pulled out of deal to occupy a 19,000 sq ft store at 149-151 Oxford Street in April, which was understood to be because the store was too small.
Rival Sports Direct opened a larger 60,000 sq ft store nearby at 150 Oxford Street in May.
Next has two other stores on Oxford Street, located near the Marble Arch and Bond Street underground stations. A spokesman for Next said the retailer is still looking to expand its store portfolio and is now looking for a larger store on Oxford Street.
Kenningham Retail advised Next. Savills advised JD Sports. Both declined to comment.