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British e-tail giant Asos could reportedly retain Topshop’s flagship store on Oxford Circus if it goes ahead with an acquisition of the brand.

The three-storey building has been a retail icon since opening back in 1994, living through the great rise, and then subsequent fall, of the brand’s owner, Arcadia.

Chiefs at Asos, which this week confirmed it was in exclusive talks with the administrators of Arcadia Group to acquire Topshop, Topman, Miss Selfridge and HIIT brands, are now considering whether the London store could continue to play a part in the business, Retail Week reports.

The company is not, however, interested in the rest of Arcadia’s estate.

Arcadia, which also owns brands Burton and Dorothy Perkins, fell into administration at the end of November, putting 13,000 jobs at risk.

The business has been struggling over the past few years to compete with new online competitors - a problem that has been further compounded by the pandemic.

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