A HUGE 4,600 sq ft beauty store is set to open in Topshop’s former flagship branch on London’s Oxford Street.
The beauty giant will occupy the entire ground floor of the space, which is currently being used as an IKEA pop-up.
Space NK is set to take the entire ground floor of the former Topshop flagship store on Oxford St[/caption]
Topshop’s Oxford Street branch was in a prime location[/caption]
It was announced this week that Space NK, which is known for curating a selection of over 160 brands under one roof, will take the prime spot on the central shopping street.
This is huge news for the beauty industry, which has been storming ahead over the last five years, with younger shoppers wanting to experience newer products and brands.
Andy Lightfoot, chief executive of Space NK, told The Telegraph: “Traditional beauty counters will only ever be able to sell you the best fit from that brand.”
“We’re seeing younger shoppers wanting to experience products [from] the trends and brands they are seeing on social media and that are trending in their friendship groups.
“Those with a longer relationship with beauty are equally drawn to our stores to experience what’s new but are doing so with a desire to get clear advice and lean on our expert staff to get confidence in what’s right for them.”
According to the Value of Beauty report from the British Beauty Council, there reportedly was a predicted 3 per cent growth for the beauty industry in 2024.
Millie Kendall OBE, the founder and chief executive of the British Beauty Council, said: “We’ve had the biggest presence on the high street in 10 years over any other business group, and the new Space NK will be a game-changer for Oxford Street.”
Space NK, called after Nicky Kinnaird’s initials, was founded in 1993 and operates out of 76 locations with over 1,000 employees.
It specialised in luxury skincare and makeup goods and has demonstrated strong trading performance since the Covid pandemic.
In 2024, Space NK’s turnover rose to £196.5m in the year to the end of March, while pre-tax profit increased from £1.5m to £7.5m during the same period.
As well as the Oxford Street branch, a new store is planned for Bluewater Shopping Centre.
The performance is said to be down to Space NK’s younger shoppers, with under-25s being credited as the fastest-growing category at 164 per cent growth.
While millennial shoppers also contributed to the increased sales, along with Gen Z and Gen Alpha.
The store will measure 4,600 sq ft and will house dozens of beauty brands[/caption]
