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Thursday, October 27, 2011

Abercrombie to Rule Savile Row!

A&F London on the corner of Burlington Gardens and Savile Row.
We're totally late on this, but most of you probably haven't even the foggiest on the matter. Plus, The Sitch on Fitch writes news cooler...

Abercrombie & Fitch has been moving pieces across the chess board as it further expands its presence on the reputable Savile Row. In mid-2011, the company extended its lease inside 7 Burlington Gardens / 42 Savile Row - the home of A&F London - to 2021! But that is not all. Supposedly, the rent has been tripled from £900,000 (€1.034 million / US$1.437 million) to up to roughly £3 million (€3.446 million  / US$4.790 million). The rent increase comes as no surprise, 7 Burlington gardens is a Grade II structure of cultural significance to the United Kingdom. A&F London is also highly profitable. Furthermore, the shopkeepers of Savile Row - the renown and respected tailors who've given Savile Row its high reputation for up to 200 years - dislike the fact that A&F is right next door blasting electronic dance music and displaying semi-nude models while selling tees and jeans. Well, they are just going to have to accept the changing times...

Rumors (which began in May and furthered during the summer) solidified by September that Abercrombie & Fitch was in the progress of closing a deal to lease the building at 3 Savile Row. Should plans go through, it will be inside 3 Savile Row where the company will open the UK's first ever abercrombie kids shop. The building, also called the Apple Building, was headquarters to The Beatles and it was on its rooftop where they made their last live performance back in January 1969. So, as you can see, its quite a notable structure. It was once purchased in 2007 from Peter Shaw of Executive Offices Group for £17 million (€19.554 million / US$27.146 million)!

While Abercrombie was initially looking for 10,000 square feet (939 square meters), 3 Savile Row ultimately offers 14,000 square feet (1,301 square meters) in total. It is thought that the remainder 4,000 square feet will be used for office space. Abercrombie & Fitch will have to renovate the building to convert the basement, ground level, and lower floors to accommodate its retail plans. The project is seen as expensive, but A&F has a sufficiently "strong balance sheet" to fund the renovations. Obviously! A&F has been renovating structures of integrity to meet its flagship standards - incorporating the A&F flagship prototype while maintaining and uplifting the structure's architectural worth.

Hopefully, the deal goes through! For quite some time, Abercrombie & Fitch has been looking for locations in which to open abercrombie; it targeted the upscale Mayfair area throughout its search. However, rents for previewed locations had been too high to what abercrombie kids can manage, but 3 Savile Row is just perfect. Not only is it a recognized building on a recognized street, but it is also across the street from A&F London!!! Sure, the rent will be pricy, too, but far higher still will be the sales from the numerous of people walking through its doors!

3 Savile Row as seen on Google Maps.
It's a few steps from A&F London and a stone's throw away from tailors Gieves & Hawkes.
Image used here for illustrative purposes only

After this, Abercrombie & Fitch will be the most domineering business to operate on Savile Row! Long reign the Abercrombie moose!

Stay FIERCE!