Queues form outside Topshop's Queen St store in Auckland ahead of its 2015 opening.

The doors are still open at Topshop but questions are already being asked as to who might take over the chain's two prime sites if the fashion brand vacates.

Top Retail, the company behind Topshop in New Zealand, announced on Thursday that it had gone into voluntary receivership, although its stores remain open at this stage.

Topshop's Auckland store opened at the bottom of Queen St two years ago, and its Wellington store on Lambton Quay opened last November.

ROBERT KITCHIN Topshop NZ managing director Jamie Whiting at the chain's Lambton Quay store in Wellington.

Both shops are on prime 1200 square metre sites and should they come vacant, real estate agents say neither would stay on the market for long.

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International brands that could be interested include Spanish retailer Zara which has an Auckland store but not a central city site.

CATHERINE HARRIS/STUFF Uniqlo from Japan is one of a number of global fashion brands said to be eyeing New Zealand.

It's also thought to be a matter of time before Japanese fashion brand Uniqlo and Spanish clothing firm Mango arrive in New Zealand.

Chris Beasleigh, JLL's top retail consultant, said Topshop's downtown Auckland site was very desirable.

"I'd say there will be a big line-up of people to take that space if [Topshop closes].

"It's been refurbished well, it's on a prime corner. But my gut feeling is that Topshop [UK}, they don't want to lose the Topshop brand in New Zealand; they'll probably try to do a deal with the receivers and try and take it on."

This had already happened in Australia; Topshop's parent company took over the best performing Australian stores after the local franchisee went into voluntary administration in May.

In ​Wellington, vacancy along Lambton Quay is less than 1 per cent and agent says Topshop's site would be quickly snapped up if the incumbent left.

​Chris Wilkinson of retail consultancy First Retail Group said if that should happen, he hoped another European retailer would move in.

"Because it's a prime site and we're really keen to maintain the continuity with retail in Wellington. The city's been on a roll."

Names being thrown around include Zara, which is understood to be circling Wellington and Christchurch, but generally prefers bigger sites.

Swedish brand H&M could also be a contender although it is already committed to a store in Lower Hutt's Queensgate later this year.

Even if the size of the store was not right, Wilkinson said it could be used for one of the big brands' homewares lines or as a pop-up store for a curated collection.

"It allows them to springboard into these great sites," he said.

Agents said other possibilities were many Australian retailers frustrated by the lack of space in the city's increasingly upmarket CBD.

The wave of international brands in New Zealand and Australia has been prompted by European brands whose home markets have become saturated.

Market saturation is also a problem for many Australian retailers, who see New Zealand's population rising and are trying their luck across the Tasman.

Nick Scali, Adairs, King Living, and Wittner shoes are among the many Australian names which have opened in New Zealand in recent months.

Beasleigh said he doubted any of the brands thinking of coming here would be scared off by Topshop's problems, which appeared to be stock-related and unique to itself.

"In Australia there's numerous retailers going under. In New Zealand, there isn't really."