Luxury retail floorspace in London’s West End is set to increase after three designer brands signed deals for further square footage in the area.
Italian designer label Alberta Ferretti is to expand its store at 205-206 Sloane Street, increasing from a 3,500 sq ft store to 5,000 sq ft.
Luxury Italian brand Loro Piana is also increasing the size of its store on Sloane Street. As well as occupying number 47 the brand has now bought the lease of the adjacent property, 48 Sloane Street, and will combine the two properties to create one flagship store, thus increasing its floorspace from 2,280 sq ft to 3,500 sq ft.
Shoe designer Watler Steiger, previously at 48 Sloane Street, has signed a 10 year lease on a 1,500 sq ft property at 27 Lowndes Street.
Peter Mace in property agent Cushman & Wakefield’s central London retail team, said: “There may be a recession but London’s West End luxury retail property market is booming. For international luxury retailers to be increasing the amount of floorspace in their stores when most other retailers are contracting demonstrates the increasing polarisation of the UK retail market.”