Matalan has signed a deal for its first ever store on London’s Oxford Street, Drapers has learned.
The 15,000 sq ft unit is thought to be number 149/151 Oxford Street. Sources indicated the unit had previously been eyed by JD Sports Fashion.
The lease will be a major move for the value retailer, which has been keen to break onto the high street for some time.
The company has signed a lease in Cardiff city centre, at 43 Queen Street, with a store expected to open later this year. Last autumn it made its high street debut in Liverpool, when model and footballer’s wife Abbey Clancy opened a store in Liverpool’s Williamson Square and put her name to a collection.
Drapers understands that Matalan has been scouting for a location on Oxford Street for three or four years, with sources indicating it has previously backed away from taking a lease because of the high rent such a prime location commands.
Although Matalan has previously been pitted against TK Maxx - which has been on its own high street offensive in recent months - it is thought the retailer is now looking to compete against the likes of Primark and River Island.
Matalan told Drapers in a statement: “Matalan is pleased to confirm it has signed the lease for a store on Oxford Street, London. Building on learnings from Matalan’s other city centre stores in Liverpool and Cardiff, the 15,000 square foot store, close to the new Crossrail link, is due to open Spring 2015.”
Jason Hargreaves, managing director at Matalan, said: “We’re extremely excited to be taking Matalan to the heart of the capital. This new store underpins our strategy for growth - servicing the way modern families want to shop, by making the brand even more accessible across multiple retail formats and channels.”
BC Retail and CBRE advised landlords Axa Real Estate, and Savills are thought to have been advising Matalan.
Erol Ezen director of BC Retail said: “We are delighted to have secured Matalan and this letting further emphasises just how strong Oxford Street east retail has become.”