The site, close to retailers such as Bloomingdales and H&M, currently houses US indie skate shop Yellow Rat Bastard. The store is about the same size as Topshop’s 80,000 sq ft London Oxford Street flagship.
Earlier this year, Green teed up US shoppers for Topshop’s impending arrival with the launch of the chain’s exclusive Kate Moss for Topshop collection in Barney’s department stores. Shopper reaction to the line was frenzied, and the majority of the range sold out almost immediately. The success of the Moss range is understood to have encouraged Green to press ahead with plans to export Topshop to the US.
Sources close to the deal said Green was in the final stages of negotiation and an announcement could be made next week.
The Broadway store is one of three Topshop stores planned in New York. Green is scouting for the two further sites and is focusing his search on Madison Avenue, Fifth Avenue and Midtown. He is also expected to open a New York office.
One New York-based property agent said: “So many foreign players are making an entrance in New York – it is becoming a centre for global fashion and Topshop needs to be here.”
The US has proved to be a difficult market for UK retailers to crack. Marks & Spencer, Next and Laura Ashley all abandoned retail operations in the country, but young or more exclusive fashion brands such as Reiss, Ted Baker and French Connection have had more success.
Yellow Rat Bastard confirmed that its store was about to relocate. As Drapers went to press, Green said he had nothing new to confirm.