LONDON-Overseas-based retailers are ignoring talk of an economic downturn and the UK’s best shopping streets are still pulling them in. Speaking at the MAPIC retail property show in Cannes, France, Insignia Richard Ellis director Cameron Scott said that demand for prime retail properties on London’s Oxford Street remains strong from foreign companies–even though there has been a fall in the numbers of customers since the terrorist attacks on the USA on 11 September.

Scott said: ‘Many overseas retailers’ main goal is to secure a high-profile store on Oxford Street. A prime location is seen as just as important as the turnover and profits which could be generated from the site.’

IRE’s Central London Report says that, while both turnover and profitability are locational factors for the majority of retailers who are leasing space in Oxford Street, there are an increasingly large number of occupiers for whom a prime store is just as important. This has resulted in a continued demand for prime Oxford Street stores at rents of between £450 ($650) and £475 ($685) per sf zone A.

Scott added: ‘The influx of overseas retailers into Oxford Street has been mainly major multiples, which appeal to younger, fashion-conscious shoppers.’

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