The French Kering-owned brand allegedly reached an agreement with seasoned British footwear and handbag retailer, Russell & Bromley, to take over their space with Balenciaga paying around £5 million for it.
Kering is said to have been in talks with the building's owner, The City of London Corp., to also take over the first floor of the offices above the store, giving Balenci' a new two-story flagship building.
Helen Brocklebank, the chief executive officer of Walpole, which represents luxury retailers in the UK, has said that the COVID-19 pandemic will increase the popularity of "experiential" stores. She said that retailers will continue to invest in flagships in key locations, such as the desirable Bond Street, while moving away from areas with less cachet.
Given the current state of affairs, it appears the Balenci' store won't be opening just yet, but it is for sure something to look forward to once normailty in the world is resumed.