In 2025 Q1 letting activity in the Copenhagen high streets remained strong with a total of 20 shop relocations – 7 new lettings and 13 lease terminations. Consequently, we have seen a slight uptick in high street vacancy, rising to 11.3%. The fashion segment saw a net reduction of 6 stores but continues to represent the predominant retail category in the high streets with a total of 122 stores. The highest asking rents are observed in zone 1 (high-end) along Købmagergade. However, this area also registers the longest average reletting periods and a slight increase in vacancy levels.

More Vacant High Street Units 

There are currently 33 vacant retail leases across the Copenhagen high streets – an increase of 6 units compared to the previous quarter. This corresponds to a retail vacancy of 11.3%, up 2.0 percentage points from 2024Q4. The highest vacancy rates are found in zone 5 with 17.0%, followed by zone 4 with 14.3% and 12.6% in zone 1. The currently elevated vacancy rate in zone 1 – the high-end zone – is particularly noteworthy as this area traditionally has maintained one of the lowest vacancy levels on the high streets.

Fashion Segment Experiences Decline 

With 122 stores out of a total of 291, the fashion segment represents 41.9% of all retail units on the Copenhagen high streets. The highest concentration of fashion retailers is found in zones 1, 2 and 6, where they account for roughly half of all units. Conversely, the fashion segment is underrepresented in zone 4 where only two fashion stores are present, while the food & beverage (F&B) segment is notably overrepresented. During Q1 the number of fashion stores declined by a net total of 6 units. Among the most notable departures were Tommy Hilfiger and COS that vacated Østergade 26, the latter of which has relocated to a significantly larger space at Købmagergade 11. Additionally, Monki vacated Købmagergade 3A and Foot Locker left Amagertorv 11. On the other hand, Lululemon has moved into Købmagergade 42.

New Stores On The Horizon 

In addition to the 33 current vacant retail units, 5 units are undergoing fit-out works in preparation for new tenants. These stores are expected to open in the near future. Among them, the luxury watchmaker Vacheron Constantin, is set to open at Østergade 24A, continuing the trend of luxury watch and jewellery brands clustering at the Kongens Nytorv end of Østergade. Furthermore, the burger chain Jagger is relocating up the street to Købmagergade 29, positioning itself near the new Gasoline Grill and opposite Joe & The Juice. Moreover, Louis Vuitton is moving into the former Café Norden premises at Østergade 61 where the prominent corner unit facing Amagertorv is currently undergoing extensive refurbishment. COS has consolidated its operations from two previous locations into a new flagship store at Købmagergade 11, and Blomz Accessories is set to open at Frederiksberggade 6.

Avaliable High Street Units

The currently vacant high street units are available at asking rent ranging from DKK 4,500 to DK 21,600 per sqm. The asking rent levels are highly dependent on micro location, unit size, and shop frontage. The average asking rent i approx. DKK 11,500 per sqm. The highest- priced available units are located int the high-end section of Købmagergade, near Amagertorv, an area characterised by a high concentration of fashion retailers. In recent years, this area has undergone a tenant reshuffling process with new occupiers including COS and Dr. Martens. Over the next 1-2 years, further letting activity is anticpated, including additional relocations an re-lettings, while maintaining the area's high concentration of fashion stores.

In addition to the 33 current vacant retail units, 5 units are undergoing fit-out works in preparation for new tenants. These stores are expected to open in the near future. Among them, the luxury watchmaker Vacheron Constantin, is set to open at Østergade 24A, continuing the trend  is especially notable for housing flagship stores. 

Net Decline in High Street Relocations

Fashion sector openings include COS, which has relocated to a larger lease at Købmagergade 11, Lululemon at Købmagergade 42, and Blomz Accessories at Frederiksberggade 6. In the tourism segment, two souvenir shops have opened at Nygade 3 and Købmagergade 5, respectively.

Meanwhile, we have seen several notable closures including Tommy Hilfiger, COS, and Zadig & Voltaire at Østergade and Monki at Købmagergade 3A. The majority of the closures are within the fashion segment, contributing significantly to the observed net decline within the segment.

Copenhagen Tourism on the Rise

Fashion sector openings include COS, which has relocated to a larger lease at Købmagergade 11, Lululemon at Købmagergade 42, and Blomz Accessories at Frederiksberggade 6. In the tourism segment, two souvenir shops have opened at Nygade 3 and Købmagergade 5, respectively.

Meanwhile, we have seen several notable closures including Tommy Hilfiger, COS, and Zadig & Voltaire at Østergade and Monki at Købmagergade 3A. The majority of the closures are within the fashion segment, contributing significantly to the observed net decline within the segment.