Bond Street and Beyond – Luxury Retailers Look to Neighbouring Streets
Bond Street and beyond – luxury retailers look to neighbouring streets 27 February 2015 | By Samantha Lyster Bond Street is one of the most famous luxury destinations in the world, but brands are finding it harder to acquire space there. Since its inception in 1683, when Sir Thomas Bond headed the group of developers that first saw the potential in the area, London’s Bond Street has welcomed the wealthy and fashionable. But today, high rents and low availability of units is forcing many luxury retailers to look to neighbouring streets. One such beneficiary is nearby Mount Street. According to sources, the thoroughfare’s most recent prize is Italian designer Marni, which apparently signed the lease for 2,000 sq ft at number 95 on Christmas Eve. But can other areas really have the pull and glamour of Bond Street? The first stores to colonise Bond Street (comprising Old and New Bond Streets) were actually occupied by antique and art dealers, but over the years, it has become synonymous with luxury brands. As its reputation as a desirable destination has grown, so have the costs associated with setting up on the street. Cushman & Wakefield states prime rents are now around £1,250 on the first 30 sq ft. But despite the deep pockets required, a store on Bond Street is still, according to luxury retailing expert Allyson Stewart-Allen, a must-have for many of the traditional luxury brands. “Certain luxury retailers would want to be on Bond Street,” she says. “It still communicates something about that brand. Also Bond Street is synergistic.
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