First reported by Drapers, Superdry exited its flagship, which it has inhabited since 2011, earlier this month and is now looking for a new site.
Superdry is said to be looking to keep its flagship in the capital with reports suggesting it is considering a number of options including Forever21’s former Oxford Street store.
Confirming the move, a spokesperson for Superdry said: “Superdry can confirm that it is relocating its London flagship, and has agreed terms with the landlord to surrender its lease on the Regent Street store.
“We remain totally committed to London and are in advanced talks on securing a new West End store which will be a global flagship for the brand, showcasing our new ranges and reflecting our commitment to sustainability.”
Last month, the retailer revealed its revenues decreased by 21% to £556.6m in the full-year ended 24 April 2021, despite witnessing a slight growth of 0.8% in its final quarter as restrictions began to ease across the UK.
While store revenue was down by 50.9% to £140.9 amid ongoing store closures in the period, this was partially offset by an e-commerce growth of 33.8%, with online revenue totalling £202.9m, up from the £151.6m reported the prior year.
However, the group was “substantially impacted” by continued Covid-19 disruption throughout the year, and stores suffered an average of 69% lost trading days in Q4, resulting in a 51.5% decline in revenue against Q420.