British menswear designer Paul Smith has signed a 10-year lease for a 459 sq ft store in the City of London, Drapers can reveal.
The boutique store will be located at 2a Bow Lane, alongside brands such as Loake Shoemakers, Rigby & Peller and Cheaney Shoes. It will open later this year.
The shop is let by real estate agency CBRE Global Investors.
Turnover at Paul Smith increased by 6.7% to £197.3m for the year to 30 June 2018, during which time the retailer invested heavily in its store portfolio.
The brand targeted key markets with new stores last year, including openings in Manchester and Berlin, as well as at Coal Drops Yard in London’s King’s Cross and a store in Copenhagen since the year end. New stores are also planned for Munich and California later this year.
David Carlsson, director of central London retail agency Colliers International, said: “This letting is the result of a carefully curated tenant mix strategy for Bow Lane, which builds on the heritage and character of the location and is designed to enhance the retail line up in this unique part of the City. Paul Smith replaces former tenant Eat, and there are further new lettings to be announced this year.”
Paul Koopman of property asset management service Koopmans said: “I am pleased to have acted for long-term client Paul Smith Ltd. The Bow Lane shop in the centre of the City of London retail district is a good addition to the store portfolio, as it has recently opened a unit at Coal Drops Yard. We continue to consider other interesting destinations for this iconic British brand.”
Colliers International advised CBRE Global Investors. Koopmans advised Paul Smith.