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Unit for Longines

Swatch pays record rental for Oxford Street shop

LonginesWatchmaker Swatch Group is paying a record retail rent of £1,010 per sq ft for a small shop on  London’s Oxford Street.

The outlet will be for the group’s Longine’s brand and is opposite Selfridges. It is the second unit that the Swiss group will occupy on the UK’s best-known shopping strip.

It is taking the lease from Hong Kong investor Circle Group and is paying an annual rent of £535,000, equating to £1,010 per sq ft – a record rent for the street.

Head of central London retail at Savills, Anthony Selwyn, told the trade magazine Retail Week: “This level of rent…comes as no surprise with brands aggressively competing for the best locations.”

JD Sports is due to unveil its biggest store on Oxford Street this week.

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