Casual footwear brand Vans is set to sub-let the former Miss Selfridge flagship on London’s Oxford Street.
It was announced in July that the Miss Selfridge store would close, to allow the group to focus on its wholesale, concession and online model. Its 50 staff were redeployed across Arcadia Group’s London locations, including the Topshop concession.
In its results published today, the Arcadia group announced the remortgaging of Topshop’s flagship Oxford Street store. It has also secured an extension to the term of the sub-lease to Nike, which is also now taking an additional floor of the building.
Arcadia Group has reported an operating loss of £138m for the 53 weeks to 1 September 2018, plummeting from a £119m profit in the previous year. The retail group’s turnover for the period dipped 4.5% to £1.8bn, which it attributed to “the ongoing challenge global market conditions for retailers”.
EBITDA at Sir Philip Green’s empire decreased 40% to £78.3m.