Record Oxford Street rent for first Longines UK store

Swatch Group is set to open its first standalone store in the UK for its Longines watch brand, which will include record retail rent for premises on London’s Oxford Street. 

The 1,000 sq ft store will be located opposite department store Selfridges, after the Swiss watch brand secured a lease at 411 Oxford Street, from Hong Kong investors Circle Group.

Swatch Group, which already has a store on the street, will pay an annual rent of £535,000, equating to £1,010 per square foot – a record.

Sam Foyle, Oxford Street specialist at Savills, which acted for the landlord, said: “This level of rent sets a new benchmark for Oxford Street at over £1,000 Zone A, which comes as no surprise with brands aggressively competing for the best locations.”

Anthony Selwyn, head of central London retail at Savills, said: “The redevelopment of much of the eastern end of the street combined with the key department stores strengthening their offer west of the circus, will ensure, in the short to medium term, continued rental growth.”