TK Maxx launches search for new London stores

TK Maxx is eyeing expansion in London (AFP via Getty Images)

Clothing and homeware retailer TK Maxx has launched a search for sites in London, in a expansion move that could result in more smaller-format branches opening, the Evening Standard has learnt.

It is understood that a number of UK retail property agents have recently been sent a list of locations that the chain would consider opening in, featuring a number of central London areas such as Holborn and Notting Hill.

There are also 28 places named outside of the City and West End the company would potentially look at, including Archway, Barnet, Elephant & Castle and Upminster.

TK Maxx has 58 shops in the capital, and any expansion would be welcome in shopping destinations after a difficult start to the year for the high street, including stationery retailer Paperchase collapsing.

Requirements from TK Maxx, working with property consultancies KLM Real Estate and McMullen Real Estate, are for 10,000 to 30,000 square feet of space. The lower end of that range is much smaller than recent deals inked, including a 30,500 square feet store in Watford.

The property firms and TK Maxx, which is owned by US firm TJX Companies and was launched in the UK in 1994, declined to comment.

While many brick-and-mortar retailers are still bouncing back from lockdowns, some companies are encouraged by recent footfall levels and keen to expand.