TK Maxx 'looking to open over 28 new UK stores' as part of huge expansion
TK Maxx is looking to expand further in the UK with possibly over 28 new stores reportedly planned.
The clothing and homeware retailer is looking to launch new stores across London which could result in more smaller-format branches opening.
A number of retail property agents have been approached by TK Maxx with a list of locations it would consider opening a store in, reports the Evening Standard.
The list is said to include the central location of Holborn and West London's Notting Hill.
According to reports, there are 28 locations outside the inner city and West End the company would potentially look at.
High street loses fashion retailer M&Co with almost 200 stores set to close
These include areas such as Archway, Barnet, Elephant & Castle and Upminster.
The apparent site requirements from TK Maxx are for 10,000 to 30,000 square feet of space.
The lower end of this scale is much smaller than the company's usual stores.
It has been reported that TK Maxx is working with property consultancies KLM Real Estate and McMullen Real Estate for their search for new sites.
As of 2023, TK Maxx has around 58 shops in the capital city and around 350 across the UK.
The chain is currently working on a new store in Watford which is expected to open in the summer.
TK Maxx confirmed in January that it was going to open a site at the atria Watford shopping centre.
In a statement about the site released in February, a TK Maxx spokesperson said: “We chose Watford as our European home almost 30 years ago, so we know the town’s savvy shoppers love big brands and great style.
“We’ve been working round the clock to secure a fabulous new location in the heart of the town.”
The idea that more TK Maxx stores are coming to the high street is a breath of fresh air as a lot of announcements in regards to British high street stores involved sites closing down.
All the shops, pubs and banks closing this year from Paperchase to Wetherspoon
A lot of retailers were unable to bounce back from the Covid-19 lockdowns and have then had to deal with rising inflation and the cost of living crisis.
The amount spent on retail in the UK dropped by 0.4% in November last year, against a forecast of a 0.3% rise by industry analysts, according to the Office for National Statistics (ONS).
This mass retailer exodus includes popular stores operated by household names, such as Paperchase, New Look and House of Fraser, to name a few.
Mirror Money has contacted TK Maxx for comment.
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