High street favourite looking to open 28 new stores in huge expansion
The high street is set for another boost
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TK Maxx is thought to be trying to grow its business in the UK, with around 28 potential new outlets planned.
The retailer of clothing and home goods plans to open new stores throughout London, which could lead to the creation of more branches.
TK Maxx has approached several retail property agents with a list of potential locations for new stores, according to the Evening Standard.
Holborn, in the heart of London, and Notting Hill, in West London, are reportedly on the list.
TK Maxx are reportedly looking to open 28 new outlets
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There are 28 areas the business is believed to be considering outside of the inner city and West End.
These places include Archway, Barnet, Elephant & Castle, and Upminster, among others.
Around 58 of its 350 stores are based in London, with the chain working on a new Watford store set to open in the summer.
The store can count the Duke of Sussex amongst its fans, after he revealed he was “particularly fond” of the brand.
The Duke of Sussex revealed in his memoir he was a fan of TK Maxx
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Writing in his memoir, ‘Spare’, Harry said: “Each year I received from Pa an official clothing allowance, but that was strictly for formal wear. Suits and ties, ceremonial outfits.
“For my everyday casual clothes I’d go to TK Maxx, the discount store.
“I was particularly fond of their once-a-year sale, when they’d be flush with items from Gap or J Crew, items that had just gone out of season or were slightly damaged.”
Opening new stores on the high street is another boost for the UK economy after retail struggled to stay alive during the Covid pandemic.
Several estate agents say they have been contacted by the retail group searching for new store locations.
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Following the pandemic, a number of stores faced closures as a result of the cost-of-living crisis and rising inflation.
Figures from the Office for National Statistics (ONS) reveal that the amount spent on retail in the UK dropped by 0.4 per cent in November 2022, against a predicted 0.3 per cent rise given by industry experts.
But the high street has started to fight back, with leading brand Greggs set to open more shops across the country with some opening as soon as April.
The bakery chain opened a record 186 shops over the course of 2022, with plans to have 3,000 stores across the UK “in time”.
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