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More High Street big names set to go as buyout deal excludes shop premises


By Calum MacLeod

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Outfit's Inverness Retail Park includes Topman, Topshop and Miss Selridge concessions – all brands which have now been bought by online retailer Asos.
Outfit's Inverness Retail Park includes Topman, Topshop and Miss Selridge concessions – all brands which have now been bought by online retailer Asos.

Inverness's Eastgate Shopping Centre looks set to see another permanent closure after online fashion retailer Asos bought the Topshop and Topman brands.

Asos has paid a reported £295 million for the deal, which also includes Miss Selfridge and HIIT and were also part of failed retail group Arcadia.

Although the deal includes the brand and stock, it does not include the shops, placing the affected brands' physical stores including the Topman and Topshop store in the Eastgate Centre, at risk of closure.

UK-wide, some 2500 retail jobs are estimated to be under threat.

Topshop, Topman and Miss Selfridge also have concessions within the Outfit store at Inverness Retail and Shopping Park on the eastern outskirts of the city, along with fellow Arcadia brands Dorothy Perkins, Wallis and Burton.

With its anchor store Debenhams set to shut, Eastgate Shopping Centre in Inverness now looks set to see the neighbouring Topshop and Topman unit close as well.
With its anchor store Debenhams set to shut, Eastgate Shopping Centre in Inverness now looks set to see the neighbouring Topshop and Topman unit close as well.

The situation mirrors Topman/Topshop's Eastgate Centre neighbour Debenhams, which was sold to another online retailer, Boohoo, preserving the 242-year old department store name, but signalling the closure of its remaining 118 stores, which were not included in the deal.

All of Debenhams' stores are expected to close once their current liquidation store is completed after non-essential shops are allowed to reopen.

Boohoo is reported to be on the verge of a similar deal for remaining Arcadia brands including Dorothy Perkins, Wallis and Burton.

Retail expert Elliott Jacobs of marketing group EMEA said the Asos buyout reflected the realities of the retail industry.

“The Arcadia acquisitions show the redistribution of retail power, which now sits firmly with digitally native brands," he said.

“Asos is the obvious choice of buyer for a number of reasons.

"Primarily, it is already one of the biggest wholesalers for the brands it has acquired, and picking up Topshop, Topman, Miss Selfridge and HIIT will allow it to further diversity its portfolio of online offerings.

“With Boohoo expected to pick up Arcadia’s remaining brands, it’s clear to all that digital is the key to retail.

"Digital natives are reaping the rewards of the agility that comes from digital investments. Both Asos and Boohoo are on their way to becoming ecommerce superpowers as they consolidate their positions in the new market.

“Only by investing in online capabilities will companies be able to adapt to, and predict market changes – companies that don’t make the right investments will not stand the test of time.”


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