(Bloomberg) -- Dr. Martens Plc is opening its 100th store in the Europe, Middle East and Africa region on London’s Oxford Street, making a bet on the shopping thoroughfare after it lost some popularity in recent years.
The store will open Nov. 10. The British bootmaker has more than 200 stores worldwide plus almost 120 franchises. The retailer said Oxford Street is a prime location and a rejuvenated area that’s now attracting shoppers.
The opening will be a boost for the shopping street, which has been struggling to regain traffic following the pandemic. High-profile plots such as defunct department stores Debenhams and House of Fraser remain shut amid a proliferation of American candy shops.
Swedish furniture retailer Ikea has delayed opening its new store in the former Topshop flagship in Oxford Circus to the end of next year. In August, shoppers were temporarily locked in stores in Oxford Street when hundreds of teenagers gathered outside a JD Sports Fashion Plc store to take part in a group robbery.
Dr. Martens has had a difficult year, with warehouse disruption in the US causing the retailer to lower its forecasts. The stock has slid 27% this year. Margins are expected to narrow by 1 or 2 percentage points.
Still, the company known for its boots with their distinctive thick soles reached annual revenue of £1 billion ($1.2 billion) for the first time in June, and the next goal is £2 billion.
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