What does closure of Topshop mean for our high streets?
Topshop and Topman in Haymarket, Norwich. - Credit: Archant
Thousands of jobs are set to go as Asos buys the Topshop, Topman and Miss Selfridge names but not stores across Norfolk.
Miss Selfridge stores are to close but the brand has been bought by Asos. - Credit: Archant
This means although the brands will continue to be sold under Asos, the physical stores are set to close.
Just 300 employees are set to be retained by the online fashion retailer as part of the deal meaning many will lose their jobs locally.
And, just as with Debenhams, it raises a question mark over what happens to the buildings occupying these retailers.
Undoubtedly, the crumbling of the Arcadia empire will leave gaping holes in high streets.
However, commercial agents believe buildings will offer potential as mixed use schemes, with retail occupying some of the buildings and the rest converted into apartments or offices.
Other units in retail parks will come up for rental.
Most Read
- 1 Prime minister to give green light for May 17 Covid-19 lockdown easing
- 2 Buses converted into Covid testing units ahead of expected third wave
- 3 New PCC - I will lobby home secretary to crackdown on police abusers
- 4 Lockdown to be eased: what else can I do from May 17?
- 5 Emotional great grandma meets nine-month-old twins for first time
- 6 'Your efforts have paid off' - Further lockdown lifting confirmed for May 17
- 7 What now for Norfolk County Council after the elections?
- 8 Town planning for future of theatre and swimming pool at historic convent
- 9 Logs spill across A47 after lorry and tractor crash
- 10 Five rare birds that have been spotted in Norfolk
In Norwich, the huge Topshop and Topman building in Haymarket is the only one owned by the firm itself, purchased for £12m in 2016. As a result, it's likely to go up for sale as the Arcadia assets are sold off.
Other brands snapped up by Asos have shops largely within commercial units in Norwich such as the Outfit in the Riverside retail park.
Miss Selfridge had a stand-alone unit in Chantry Place as well as concessions in Debenhams and Outfit, which announced it was closing down earlier this month.
In Great Yarmouth, Topshop and Topman is also in Outfit, Gapton Hall Retail Park. This units will go up for lease. As the brands' assets are liquidated, the leases could be re-sold for new tenants to occupy or the keys handed back to the building owners.
The retail space formerly occupied by Burton in Lowestoft is available. - Credit: Archant
Some buildings occupied by other parts of the Arcadia crumbling empire such as Lowestoft's Burton are already for sale, leasehold.
A rental is available in 78-80, London Road North. The building was bought for £9.7m by a property investment firm in 2017 run by businessman Devji Meghani. He sold three leases, one now for sale vacated by Burtons which closed last summer.
In King's Lynn, the Victorian building with a Tudor style front, in 43-44, High Street, formerly occupied by Topshop, was turned into a restaurant in 2019.
