Luxury retailers make long term commitments to the Royal Exchange in the Square Mile

The Royal Exchange is home to a number of high-end retailers (Ardent)

A trio of luxury brands have signed new long-term leasing deals at the Royal Exchange, in a boost for the Square Mile’s high-end retail sector.

Property investor The Ardent Companies UK is the landlord of the retail element of the 458-year-old former trading centre which stands opposite the Bank of England.

It said British watchmaker Bremont and handbag maker Aspinal of London have both renewed the leases on their stores — 380 sq ft and 280 sq ft respectively — for 10 years until 2033.

A Bremont spokesman said the deal demonstrates "long term confidence in the Royal Exchange and in bricks and mortar in the UK".

The Ardent Companies UK also said Jeweller Tiffany & Co has extended the lease on its 1,900 sq ft boutique until 2038.

Aspinal of London has a store at the Royal Exchange in the City (Aspinal of London)

Parts of the luxury sector have seen a slowdown recently, with customers more cautious about spending, but retail landlords continue to see solid demand for stores in popular central London shopping destinations.

Andrew Hilston, managing director of The Ardent Companies UK, said: “The long-term commitments made cement the Royal Exchange’s position as the City’s leading luxury retail destination.”

It comes after restaurateur Des Gunewardena last month said he will open a major new dining venue at the Royal Exchange later this year.