Luxury watchmaker Omega has signed up for a new lease on its boutique store in The Royal Exchange in the City of London, as reported by React News.
The Swiss brand has signed a new 10-year lease for the 1,100 sq. ft unit within historic building’s interior courtyard.
In addition, high-end pen and accessories marque Montblanc and luxury design house Hermès have both committed to remain at The Royal Exchange until 2027 and 2028 respectively, while fragrance label Jo Malone has recently reopened following a major store refurbishment.
Omega, which will be undertaking a full re-fit of the boutique, has had a store at The Royal Exchange since 2012. Omega’s new lease, alongside the commitments from Montblanc and Hermès, highlights the City’s wider resurgence and cements its position as the Square Mile’s destination of choice for luxury names.
As the impact of working from home lessens, The Royal Exchange is reporting increasing visitor numbers and trading. Footfall for the first half of 2023 was 48% up on the same period last year, with several brands reporting significant sales rises on 2022 levels.
Providing 51,400 sq. ft of retail space around a historic covered courtyard, The Royal Exchange is also home to Tiffany & Co, Bremont, Aspinal, and Boodles. Opened in 1566 as London’s first purpose-built trading centre, it was once the home of the Lloyd’s insurance market and the current building, the third on the site, was unveiled by Queen Victoria in 1844.
Located opposite the Bank of England between Threadneedle Street and Cornhill, the retail element of The Royal Exchange was bought by The Ardent Companies UK – a subsidiary of US-based real estate investment and asset management firm The Ardent Companies – in October 2022.
Since the acquisition, Ardent, together with specialist asset manager Bruce Gillingham Pollard, has implemented a new leasing strategy and refreshed the advisory team, with City agents at Bruce Gillingham Pollard and Nash Bond appointed to rejuvenate the tenant mix.
This article first appeared in React News.
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