Microsoft will open its first UK store in London's Oxford Circus

It's just down the road from Apple's flagship Regent Street store.

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After years of rumours and speculation, Microsoft might finally be ready to open its first retail store in the UK. Retail Week reports that the company is in advanced talks with The Crown Estate (the commercial business that controls land and holdings belonging to the royal family) to move into 255-259 Regent Street in London's lucrative Oxford Circus shopping district.

Update: Microsoft has now confirmed Retail Week's report. Details are scarce, but the company will definitely open its first UK store in Regent Street in the near future.

The move would see Microsoft set up shop in the unit currently occupied by United Colours of Benetton. It's an extremely popular shopping area that is well-served by the Oxford Circus Tube station and hosts flagship stores for big brands like Nike and H&M. Also, just 250 feet down the road lies Apple's recently-redesigned Regent Street store.

Retail Week suggests that while the talks for a 10-year lease are "very advanced" and could be completed "in the coming weeks," the deal could still fall through. Should everything go smoothly, Microsoft's new London store would be its first in Europe, adding to 106 US stores, 8 Canadian outlets and one in Australia and Puerto Rico respectively.