Famous high street brands are looking to leave their Oxford Street location because they are not attracting enough shoppers.
The owners of Park House, which is home to Pandora, Swarovski, Bershka, Urban Outfitters and the flagship River Island store, said the retailers want to exit their lease “at the earliest opportunity”.
Westminster council earlier this month signed off plans to change the use of the building to include more “leisure, medical, restaurant and competitive socialising" space.
Microsoft on Monday also announced it is closing its Oxford Street flagship next month to focus instead on “digital growth”. The tech giant’s 21,000 sq ft store opened just six years ago.
Jonathan Strong, speaking on behalf of Park House, which is part owned by the Qatar Central Bank, said: “Park House occupies an entire urban block and includes [92,000 sq ft] of retail over basement, ground and first floors.
“It is situated opposite Marks and Spencer and diagonally across from Selfridges, yet has not been performing well in terms of attracting footfall or retail expenditure.
“In fact, most of the retail tenants of Park House are seeking to exit the building at the earliest opportunity.
“Going forward, we therefore need to reconfigure the retail element of Park House to fit with current and future occupier requirements and to ensure that the building continues to play its part in maintaining the interest and appeal of Oxford Street as an international shopping destination.
“To do this, we believe we need to introduce more diversity of use beyond traditional retail, such as restaurant and competitive socialising.
“In addition, we would like to create more flexibility in both unit size and configuration to be able to cater for different types and sizes of tenants.”
It comes as Oxford Street goes through a £1billion transformation after being blighted by empty units and tacky American-style candy stores since the pandemic.
The ex House of Fraser flagship store is being transformed into a huge office, shops, restaurant and gym complex, while Moco Museum has taken over the sprawling 1920s building opposite Marble Arch and a 30,000-square-foot miniature village is set to open in the former New Look later this year.
Councillor Patrick Lilly, deputy member for economic development, told a Westminster council planning meeting: "I think Oxford Street is about to enter its next era. Allowing a premises to innovate, I think it’s really helpful.”
HMV and Ikea have already moved back into Oxford Street as vacancy levels in the world-famous shopping district fall to pre-pandemic levels.
Mango on Monday also announced plans to open a flagship store in the empty buildings at number 415-419.
Mayor Sadiq Sadiq plans to press ahead with seizing control of Oxford Street from Westminster council prior to establishing a mayoral development corporation to determine how it will be changed.
He plans to pedestrianise some of the road as part of a £150million proposal that will remove vehicles from the western half of the high street.
Pandora said no decision had yet been made on leaving its Oxford Street location.
The Standard contacted River Island for comment.
