The rebirth of Topshop

Millennials recently went into a frenzy after some mysterious Instagram posts from Topshop hinted at the possible revival of a physical store. The cryptic posts read: ‘we’ve been listening’ and ‘we missed you too’. Last year Scandinavian group, ASOS, sold a 75% stake in Topshop and Topman to Danish firm, Heartland. Last month Topshop.com relaunched a standalone website that still just has a holding page saying ‘coming soon’.

The brand later revealed that the posts were not in fact about the opening of a new store, but instead were teasing an interactive art installation, designed in partnership with artist Russ Jones, and a treasure hunt around Soho in which people could win a £1000 Topshop voucher. However, ASOS CEO José Antonio Ramos Calamonte has still not ruled out the return of a bricks-and-mortar store and industry rumours are suggesting that Topshop is even scoping out potential sites including Carnaby Street.

The demise of Topshop’s physical stores five years ago was due to a mix of the Sir Philip Green scandal and the brand failing to adapt to the digital landscape. The arrival of e-tailers such as Boohoo, Shein and Pretty Little Thing meant Topshop was lagging behind. There was also further competition from new rivals like & Other Stories and Urban Outfitters, as well as established brands such as H&M and Zara. The Covid pandemic was the final straw.

Casting our minds back to Topshop’s flagship store at Oxford Circus, now soon to reopen as a long-awaited IKEA, it was a site of pilgrimage for almost every fashionable millennial from London or further afield – myself included! I fondly remember the live DJs, nail salon, piercing bar and more – the experiential offer was ahead of its time in many ways. The brand brought trend-led pieces to the high street at an accessible price point and was loved by supermodels and a generation of ‘it’ girls such as Cara Delevingne, Jourdan Dunn and Alexa Chung – and who can forget the iconic Kate Moss collaboration!

All the rumours of reopening have triggered a considerable amount of nostalgia. Just as we are now starting to see the revival of print magazines led by more niche independent titles like i-D due to a nostalgia-driven demand from Gen Z, will 2025 be the year we see the resurgence of physical retail on the high street fuelled by the reminiscence of millennials?  

Thom Bettridge, the new editor-in-chief of i-D, says the narrative around the decline of print magazines is nonsense, “Print has been dying since the second I started working in print. I’m 10 years deep and it’s still here.” In the same way, physical retail has had its challenges over the years, particularly with the rise of e-commerce and the shift in consumer behaviour towards online shopping, but many believe it’s now in a much stronger place. Helen Dickinson, Chief Executive of the British Retail Consortium, recently commented, “Physical retail is experiencing a remarkable resurgence as consumers increasingly seek out the tactile and social aspects of shopping. The high street is evolving, with retailers investing in innovative in-store experiences that complement their online offerings. This revival is a positive sign for the future of retail, indicating a balanced and dynamic shopping environment.”

This renaissance of bricks-and-mortar is not just about nostalgia though, it is a response to evolving consumer behaviour and a result of the unique value physical stores offer. As brands continue to develop their spaces to be more experiential and social media is increasingly influencing footfall into shops, things are certainly looking brighter for physical retail.

Data-driven analysis reveals an optimistic future, powered by strategic investment and a renewed focus on the customer experience. Shoppers are returning to the high street, also driven by companies requiring employees to come into the office more often. JLL’s latest European Retail Market Outlook 2025 report highlights that physical retail is not just surviving, but it is poised for a significant resurgence.  

So, will Topshop bring back a physical store and if so, will it have the spirit and style of the ‘old’ Topshop as we knew it? Will leaning into millennial nostalgia be the key to future success, kick-starting the comeback of physical retail on the high street? If Topshop does return, it is not only millennials that they will need to target, but attracting Gen Z (and future generations) will also be critical to their success. If the brand does bring back a store (or several – one step at a time though!), I expect to see a lavish launch party with a DJ set from a cool ‘it’ girl! As Topshop is saying, ‘keep watching this space!’