The physical stores landscape may remain challenging in the UK, but Space NK sees plenty of potential and its boss Andy Lightfoot has plans for 10 new stores next year.

The plan comes as its sales have risen 34% in a year with Lightfoot saying he’s a “real believer” in physical retail and the pipeline of new stores covers both high streets and shopping centres.

The brand, which is 33 years old, is owned by private equity firm Manzanita Capital, and has 78 stores in the UK and Ireland with two more opening this month.

Lightfoot told The Times that as well as the stores sets to open in the next year, the company has “quite a long runway” for ramping up its store numbers and expects to open a similar number annually for the foreseeable future.

The newspaper also had access to figures showing turnover rose 34% to £196.5 million in the year to the end of March. Pre-tax profit rose from £1.5 million to £7.5 million. And growth has continued into the current financial year, with first-half turnover up 38%, like-for-like store sales up 24% and e-sales rising 35% in H1.

Lightfoot told The Times that all age groups have shown double-digit customer growth for the firm, although the under-25s are growing fastest at 164%.

He said the offer, which includes “hard-to-find” brands like La Mer, Sisley, Creed and Drunk Elephant, had resonated well with shoppers and that the firm’s wide range of price points was also popular.