Victoria’s Secret has confirmed that it will close its flagship store on Grafton Street this summer and move to a new location in Dublin city centre.Although the American lingerie brand has traded successfully from 28-29 Grafton Street since it opened there in December 2017, the building, which comprises some 1,858sq m (20,000sq ft) of retail space and storage, is now surplus to its requirements.The company confirmed its intention to cease trading on Grafton Street in a brief statement to The Irish Times, saying: “We will be closing the current location this summer and in the meantime are working really hard on securing a new location. We hope an update will follow shortly.”Rents and evictions soar as house price inflation slows Listen | 39:34While it is understood that Victoria’s Secret had applied to its landlord on Grafton Street, Sretaw, to assign the remaining seven years of its lease to a new occupier, Sretaw is weighing the potential benefit of subletting the property instead. Were it to pursue this latter option, it would continue to enjoy the benefit of a parent company guarantee from Victoria’s Secret for the rental payments that are due under the existing lease for 28-29 Grafton Street. Sretaw PE (private equity), an investment and property development company, headed by Meath-based businessman Eamon Waters, acquired the Grafton Street building from Irish property company Iput for €28 million in 2023, and is understood to be in receipt of annual rent of €1.5 million from its investment.While Victoria’s Secret declined to comment on the location of its new Dublin store, The Irish Times understands that it is looking at opening for business in a new and smaller unit next door to Swedish fashion retailer Arket’s store at nearby Grafton Place. The luxury beauty brand Space NK, meanwhile, is looking to take Victoria’s Secret’s place at numbers 28-29 and relocate from its current, smaller premises at 82 Grafton Street.