Major brand announces new flagship store in Oxford Street to open this autumn
Puma has announced it will launch a major new store on London's Oxford Street this autumn in another major boost for the West End.
The sportswear brand will welcome shoppers to the new 24,000 sq ft space in the former Gap store at 376-384 Oxford Street located near Bond Street station.
Puma said this will be the firm's first-ever European flagship store - and it will close its current store on Carnaby Street, which opened in 2002, when it relocates.
Bosses said the outlet would offer an 'immersive, interactive experience that blends sports performance and technology with cutting-edge streetwear designs'.
They promised shoppers an 'unparalleled experience' where 'customers can immerse themselves in a range of unique experiences including personalisation opportunities'.
The opening follows the German company opening two flagship stores in the US in recent years in New York City in 2019 and Las Vegas in November last year.
Puma's arrival on Oxford Street is another positive development for the road which has been buoyed in recent weeks by confirmation that a new Ikea will open on May 1.
The Swedish furniture retailer has almost finished converting the Grade-II listed former Topshop store at 214 Oxford Street it bought for £378million in October 2021.
An artist's impression of the new Puma store set to open at 376-384 Oxford Street in London
The store on Oxford Street will be a 24,000 sq ft space and is scheduled to open in autumn
How the 376-384 Oxford Street store currently looks, with Puma boarding around the exterior
Major brands moving in are seen by council bosses as a crucial part of restoring Oxford Street to its former glory as one of the world's premier shopping destinations.
The area has become blighted by crime and homelessness in recent years having fallen into disrepair with empty shops, littered streets and falling visitor numbers - with poor quality US 'candy stores' and souvenir shops at the centre of concerns.
Retailers to have closed in recent years in addition to Topshop and Gap have included Debenhams, House of Fraser, Miss Selfridge and Dorothy Perkins.
Problems on Oxford Street reached a peak in August 2023 when West End stores were forced to lower their shutters and lock customers inside after large groups of mainly young men responded to a call on TikTok to join a 'Oxford Circus JD robbery'.
But the area was boosted when HMV reopened its old flagship store in November 2023, while fashion retailer Mango was revealed to have signed for a second UK flagship store at 415-419 Oxford Street in January.
Mayor Sir Sadiq Khan now wants to pedestrianise 0.7 miles of the street as part of the regeneration despite warnings this could make it a crime-ridden 'no-go area'.
Announcing the new Puma store, the brand's chief executive Arne Freundt said: 'After unveiling our flagship store in Las Vegas last year, we're incredibly excited to announce that our first flagship store in Europe will open later this year.
This is how 376-384 Oxford Street appeared in June 2024 ahead of the renovations by Puma
The new Puma store will be in the old Gap shop, which is pictured in 2021 before its closure
Puma will close its current store on Carnaby Street, which opened in 2002, when it relocates
'Our London flagship store is an important part of our brand elevation strategy. It brings the best of the Puma brand to life for our consumers and showcases our latest innovations and design newness as part of an immersive experience.
'We look forward to moving into our new home of the brand in one of the most vibrant global cities and to exciting our consumers.'
Lucynda Davies, Puma's managing director for the UK and Ireland, added: 'We're thrilled to announce our new flagship store in London, marking an exciting step forward for Puma in the UK.
'London is a key city for the brand, and this prestigious location on Oxford Street reflects our commitment to delivering a unique, consumer-led experience.
'While our Carnaby Street store has served us well since 2002, this flagship store will extend our product offering and bring Puma's performance and sportstyle categories to life in a flagship store setting'.
Puma - which is based in Herzogenaurach - stocks products in categories such as football, running, training, basketball, golf and motorsports across more than 120 countries and employs about 20,000 people.
However, the firm announced job cuts last month and warned of uncertain US consumer demand as its shares slumped 23 per cent in the wake of disappointing quarterly and annual forecasts issued a day earlier.
Ikea has confirmed a May 1 opening date for its new London flagship store at 214 Oxford Street
US 'candy stores' have been at the centre of concerns over the problems facing Oxford Street
Chaos in Oxford Street in August 2023 was triggered by an online push to 'rob JD Sports'
The grim outlook, which followed weak quarterly sales and annual profit announced in January, had raised concerns over Puma's ability to compete with bigger rivals Adidas and Nike while fending off newer, fast-growing brands such as On Running and Hoka.
Mr Freundt said Puma's target consumers in the US were not spending due to economic uncertainty.
And its chief financial officer Markus Neubrand announced plans to cut 500 jobs worldwide and close some unprofitable stores as part of a cost-cutting plan.
Asked about the potential impact of US import tariffs, Puma's management confirmed that Chinese production made up about 10 per cent of shoe imports into the United States, down from 30 per cent in the past.
The company has been urging suppliers to diversify production away from China to countries including Indonesia.
