The UK economy is showing signs of rebounding stronger from the pandemic and resultant lockdowns than originally forecast, with a surging demand helping to fuel such recovery. Retail sales alone rose 5.4% during the month of March compared with the previous month – a far greater growth rate than the 1.5% that was forecast by economists. With retail rebounding so strongly, it should be no surprise that one of the UK’s most iconic retail assets has once again become hot property.

The announcement of Topshop’s Oxford Street flagship store being placed on the market for £420 million has a number of suitors circling, including international retailers such as Ikea and and Nike rumoured to be interested. Most notably however, of all the retailers that have been mentioned in the speculation, all have a strong online presence.

In addition to the aforementioned performances of retailers since the return of in-store shopping, the interest shown in purchasing Topshop’s Oxford Street store has highlighted the relevance that retail venues have as the worst of the pandemic passes.

Will Broome, CEO of Ubamarket LTD – a white label app that provides Scan, Pay, Go apps for Central England Co-op, Budgens and SPAR – discusses the relevance of physical retail post-pandemic.

“The rumours swirling around who will purchase the iconic Oxford Street venue is vindication for retailers and all their incredible work throughout the pandemic. While many thought that the sphere of retail would move further online, catalysed by the pandemic, the reality is that periods of lockdown have made people realise the relevance and importance of physical stores.

While it is true that existing retailers on Oxford Street are redesigning their stores to contend with the rise of online sales over the previous year, it would seem that the pandemic has presented an opportunity to retailers to reform their offering, rather than a total overhaul.”