Reserved puts UK store expansion on hold amid Brexit uncertainty
Reserved has put the brakes on its UK store expansion until political uncertainties “become clear”.
The Polish fashion brand vice president Przemysław Lutkiewicz spoke to Retail Week about puttings its original plans to expand in the UK on ice.
The retailer currently operates one UK store on Oxford Street in the former BHS flagship.
“The plans [to expand] are on hold because there is still uncertainty around Brexit but secondly we are waiting for the store to prove that we can continuously increase the sales regardless of the economic conditions,” says Lutkiewicz.
“When both have become clear for us we will decide what to do next in the British market.”
The 32,000 sq ft flagship store in the former BHS site on Oxford Street is two years into a 10-year lease and registered a 15% growth in sales to “around £11m” this year – however, the fast-fashion brand’s UK store is still loss-making. Lutkiewicz declined to give exact figures.
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