The Royal Exchange, the City of London’s leading luxury retail destination, has signed major new leases with Tiffany & Co., Bremont, Aspinal of London and Baudoin & Lange as high-end brands look to capitalise on the Square Mile’s ongoing resurgence.
World-renowned jeweller Tiffany & Co. has extended the lease on its existing 1,900 sq ft boutique by to commit to The Royal Exchange until 2038. In parallel, British watchmaker Bremont and leather goods brand Aspinal of London have both renewed the leases on their stores – 380 sq ft and 280sq ft respectively – until 2033. In addition, bespoke shoemaker Baudoin & Lange is to make its City of London debut, signing a new five-year lease for a 550sq ft unit at the luxury destination.
The latest renewals and arrival follow recent long-term commitments from watchmaker Omega, pen and accessories marque Montblanc and high-end design house Hermès, highlighting The Royal Exchange’s position as the location of choice for luxury brands in the City of London.
The Square Mile is undergoing a wider resurgence as a luxury retail and social destination, with The Royal Exchange and the surrounding public realm upgrades playing a key role in the revival. As the impact of working from home lessens the scheme is reporting increasing visitor numbers and trading; footfall for the first half of 2023 was 48% up on the same period last year, with some brands reporting sales rises of as much as 90% on 2022.
Policy Chairman of the City of London Corporation, Chris Hayward, said: “The Royal Exchange was where our major new City of London destination brand and website was launched. This was a pivotal moment for the City Corporation’s flagship Destination City programme, which sets out a vision for the Square Mile to become a world-leading leisure destination for UK and global visitors, workers, and residents to enjoy. We are creating best-in-class leisure in the City, which is coupled with our world-leading role as a financial and professional hub. The Exchange is one of the City’s leading luxury destinations with outstanding shopping and dining. We are delighted to hear it is reporting record trading.”
Providing 51,400sq ft of retail space around a historic covered courtyard, The Royal Exchange is The City of London’s leading luxury retail destination. Other major brands at the scheme include Tiffany & Co, Bremont, Aspinal and Boodles. Opened in 1566 as London’s first purpose-built trading centre, it was once the home of the Lloyd’s insurance market and the current building, the third on the site, was unveiled by Queen Victoria in 1844.
Andrew Hilston, managing director of The Ardent Companies UK, said: “The long-term commitments made by Tiffany & Co., Bremont and Aspinal cement The Royal Exchange’s position as The City’s leading luxury retail destination, something that is underscored by Baudoin & Lange choosing to open what is only its second store – and first in the Square Mile – here. These are brands of the highest calibre, and alongside other recent commitments from the likes of Omega, Montblanc and Hermès there is no doubt that The Royal Exchange is the destination of choice for those seeking luxury retail in the Square Mile.”
Located opposite the Bank of England between Threadneedle Street and Cornhill, the retail element of The Royal Exchange was acquired by The Ardent Companies UK – a subsidiary of US-based real estate investment and asset management firm The Ardent Companies – in October 2022. Since the acquisition, The Ardent Companies UK, together with specialist asset manager Pave, has implemented a new leasing strategy and refreshed the advisory team, with experienced City agents at Bruce Gillingham Pollard and Nash Bond appointed to rejuvenate the tenant mix.
