TK Maxx is reportedly set to open a new shop on the UK’s busiest high street, after signing a deal to take over a space left vacant by New Look.
According to Property Week, TK Maxx will be moving into the four-storey former New Look store at 203-207 Oxford Street, London.
With 30,000sq ft of space, the new store is slated to open next spring.
Once open, it would mark the value retailer’s fourth central London store but the first along the world-famous shopping street.
TK Maxx’s three other central London locations are in the City, Covent Garden and Kensington.
The retailer reportedly signed a 10-year lease for the Oxford Street store and will pay £2.5 million a year to the landlord Pontegadea, according to Property Week.
The news comes after TK Maxx reported a 10.6 per cent increase in annual turnover due to it opening as many as 23 new stores across the UK, bucking the trend of major fashion chains that are choosing to rein-in their openings amid a challenging climate.