The sale of a 75% stake in Topshop has raised questions on the brand’s return to high street.

After the closure of its final 70 stores in 2021, consumers were left with a gap in the market after 57 years, as Topshop went online after being sold to ASOS.

The online retailer originally purchased several Arcadia brands for £265 million in 2021, including Topshop and Topman.

ASOS has since completed the sale of a majority stake in Topshop to Danish firm Heartland A/S, an arm of Bestseller who own brands like Vera Moda and Jack & Jones.

ASOS CEO José Antonio Ramos Calamonte said the deal will “bring consumers globally the best of what Topshop and Topman have to offer,” allowing the brand to retain 22.5% of its stake.

Topshop fans are particularly excited about the potential for a reopening of the brand’s iconic six-storey flagship store on Oxford Street.

At a press conference in September, Calamonte spoke about the potential for change.

“We might open stores. We will consider it for sure but we have no specific agreement to open a certain number

“It is very early to say that there will be physical stores, but there is no question that they [Bestseller] have a big presence on the high street.” he told a press conference.

As the Mayor of London Sadiq Khan announces plans to pedestrianise Oxford Street, the industry is questioning on whether the reopening of such a store is possible. Khan says the aim of the changes was for Oxford Street to “once again become the leading retail destination in the world.”

We spoke to Sean McCorry – who previously worked as Timberland’s Global Store Manager and Designer –  on how he feels Oxford Street has evolved.

He says that  many factors have affected brands with stores in central London – rising rents, changing footfall and better opportunities elsewhere.

“20 or 30 years ago, Oxford Street was the destination in London for shopping…but then it kind of fell away

“Whilst it does have anchors like Selfridge’s and Nike…mostly its independent landlords on that street, so you will get a variety, it wasn’t managed like Regent’s Street.”

But, brands are now returning to open “concept stores” along Oxford, Regent and Carnaby streets.

These stores allow labels to create an experience or “destination” for shoppers, allowing them to connect with their customer base on an artistic, conceptual level rather than purely consumerist.

“New Balance have store [on Oxford Street] that’s been around for years… [they] now have a new global store design, the first place they’re going to take it to is Oxford Street…rather than Tokyo.”

Brands like Burberry, Aesop and Breitling have seen success with this model, says McCorry, and we can expect to see more opening with this style in future.

McCorry says that Oxford Street, and London, are once again a destination for shopping, and highlights the importance of the Meanwhile On scheme, giving smaller brands reduced or free initial rents, business rate relief and support with store fitting.

“[Meanwhile On] makes it affordable if you’re a small brand…there are  number of things happening on [Oxford Street] to create a destination.”

The Sun reported “industry rumours” earlier this month suggesting they have begun looking for potential properties in London to host Topshop’s in-store revival, including Carnaby Street.

Fans of the brand have taken to social media to highlight their favourite items of the past, saying they hope to see a revival of iconic styles.

Collections from Kate Moss in 2007 and 2014 remain popular, with searches for Kate Moss for Topshop up 45% on Depop month-on-month. A revival of indie sleaze style seems to be a driving point for this demand – low waisted jeans, messy makeup and a rejection of the “clean girl” aesthetic.

In the meantime, IKEA is due to open on the site of the old Topshop flagship store early next year. If Topshop is to reopen under its new ownership, we will have to wait and see where it will be located.

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