M&S considers the redevelopment of its store on flagship London site
Category: #retail  By Pankaj Singh  Date: 2021-03-11
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M&S considers the redevelopment of its store on flagship London site

British multinational retail company, Marks & Spencer has reportedly proposed the redevelopment plan for its flagship Marble Arch store, located in central London to turn the upper levels of this building into an office space.

Apparently, M&S is looking forward to consulting local stakeholders for the proposal, which states that the company would establish a smaller and modernized full-line store on a site that it had occupied since the year 1930.

For the record, the retail firm sells food, clothing as well as homeware, and currently operates from 160,000 sq. ft. at Marble Arch covering five floors.

Following the proposal, the building would be redeveloped into nine floors. While the bottom two levels would focus on retail, the upper levels would be made into a premium Grade A office space. Furthermore, a new landscaped public area, comprising pedestrian routes through the site as well as a pocket-park would also be introduced.

It has been reported that the multinational retailer would be handing over its planning application later this year. Sources have also revealed that the plans fall under the company's ‘Never the Same Again’ programme, through which M&S has been shifting gears in order to create a future-ready store estate.

As per M&S officials, the new building would help the retailer to unlock value from the site whilst having a modernized store located at the west end of Oxford Street. In addition, the retail company owns another store at the eastern end of the shopping street in prime London.

If reports are to be believed, the company would be redeploying all its staff members working in the store to its surrounding stores during the proposed redevelopment.

Apparently, the retailer has been significantly impacted by the COVID-19 pandemic on account of the imposition of lockdowns that shuttered most of its clothing space.                                           

 

Source Credits:

https://www.reuters.com/article/us-m-s-marble-arch/britains-ms-plans-smaller-store-on-flagship-london-site-idUSKBN2B11RW

 



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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