Marks & Spencer (M&S) has received backing from neighboring retailer Selfridges in its plans to demolish and rebuild its London Oxford Street store. Selfridges, which was recently acquired by Thai conglomerate Central Group and Austrian real estate company Signa Holding, has expressed its support for the redevelopment of the Marble Arch store. This alliance is crucial in maintaining Oxford Street’s position as the top shopping destination in the UK. The announcement comes at the beginning of a two-week inquiry into the controversial proposals.
Despite the support from Selfridges, M&S and the neighboring retailer face opposition from environmental campaigners and supporters of historic buildings. These groups argue that the 90-year-old landmark store should be refurbished rather than demolished. Selfridges’ endorsement was submitted in a letter to the Planning Inspectorate, which is overseeing the inquiry. This inquiry is notable because it will be the first to consider the carbon footprint of such a significant building redevelopment.
The opposition to M&S’s plans led former communities secretary Michael Gove to launch an investigation into the future of the store in June. Even though the redevelopment plan has received approval from the local council and the Greater London Authority, it has faced criticism. Save Britain’s Heritage, a campaign group dedicated to protecting historic buildings, has gathered support from approximately 5,000 individuals who signed a petition against the M&S proposal.
M&S argues that refurbishing the three fragmented and outdated buildings that compose its Marble Arch store is not feasible and would not provide the modern shopping experience that customers desire. The company asserts that the new development will consume significantly less energy compared to the current building, with a payback on investment expected within the first 17 years of its projected lifespan, which is over 100 years. Additionally, M&S claims that 95% of the materials in the existing Marble Arch building will be recovered, recycled, or reused in the new development.
Selfridges’ involvement in supporting M&S’s redevelopment plans provides a significant boost for the retailer. Selfridges’ iconic store on Oxford Street holds substantial influence in the area. Their endorsement carries weight and adds credibility to M&S’s arguments for demolishing and rebuilding the Marble Arch store. As the inquiry progresses, all stakeholders’ opinions will be carefully considered, and a decision regarding the future of the store will be made based on a comprehensive assessment of the environmental impact and the needs of modern shoppers.
Useful links:
– The Guardian: Selfridges backs plans to demolish its Oxford Street store
– BBC News: Marks and Spencer plans to replace Marble Arch store with tower
