Alexander Wang fans in the UK need to start saving up this Christmas, as the American designer is set to open his first London store in Mayfair early next year.
Located at 43-44 Albermarle Street, the new store will span over 6,500 square feet and will offer the entire product range from the designer's eponymous label. Alexander Wang's debut UK store is the latest retail venture for the New York based designer, who is said to have his sights set on global expansion.
Alexander Wang to open first store in the UK
Alexander Wang is also the latest international label to open a store on Albermarle Street as Wang is set to join a growing roster of fashion brands located on the street, including Amanda Wakeley, Paul Smith and Garrard & Co.
More and more retailers have their sights set on opening stores in London, as the average vacancy rates in central London have dropped to less than 3 percent, according to a report on central London retail by estate consultancy Knight Frank.
“Competition for prime space is fierce, and demand continues to spread to locations previously considered ‘peripheral,’” commented the report. “Mayfair is a noteworthy example, with emerging streets such as Conduit Street, Dover Street and Brook Street seeing marked improvements to tenant mix, which has resulted in significant rental growth.”
According to Knight Frank, central London’s retail market has been boosted by an increase in tourism, with visitor numbers rising by 8 percent in the first quarter to reach 3.6 million, which has led to retail rents and capital values in central London to increase as well.
“Regent Street and Bond Street continue to generate high levels of footfall, which will receive an additional boost from Crossrail,” added the estate agency's report, noting that some locations have “zero availability” and evidence emerging that certain retail units are being marketed one to two years in advance of being released.
Darren Yates, partner and part of Knight Frank's retail research team, commented: “London’s retail market continues to go from strength to strength, with a long line of retailers seeking space and rents still under pressure in both prime and off-prime locations.”
“In the investment market, low levels of supply over the summer months have helped to fuel vendors’ aspirations on pricing, which will be tested in a busier final quarter. However, with rents largely still rising and significant investment demand, there are no signs of a slowdown in capital value growth.”
Alexander Wang's first UK store is expected to open early 2015, but the exact opening date has yet to be officially announced.
Photo: Alexander Wang store in Tokyo