Selfridges, the renowned department store located on Oxford Street in London, is set to undergo an ambitious property development project. Following its acquisition by a joint venture between Thailand’s Central Group and Austria-based Signa for approximately £4 billion, the new owners have unveiled their plans to transform the site.
Unlike other stores on Oxford Street, such as M&S and John Lewis, which are converting retail space into offices, Selfridges aims to retain and enhance its retail space. The value of Selfridges’ property holdings is believed to be a key factor in the premium purchase price. The focus will be on improving and expanding the store’s offerings, with recent upgrades to women’s and menswear areas paving the way for further improvements.
The next phase of renovations will concentrate on upgrading the food hall, ensuring customers have an even better experience. In addition to these improvements, the new owners intend to build a luxury hotel and flats connected to Selfridges’ flagship store. This move is expected to bring significant value to the brand and contribute to the elevation of the entire Oxford Street retail environment.
The vision behind these additions is to create a destination that offers not just premium shopping but also unparalleled hospitality and luxury living. Selfridges previously operated a hotel, which closed in 2008, and the space has remained largely vacant since then. The introduction of a new hotel and residential apartments will bring life back to the area and further enhance the Selfridges brand.
By undertaking this major property development project, Selfridges reaffirms its position as a leader in the retail industry. The commitment to continuous improvement and expansion showcases the store’s dedication to meeting the changing needs and expectations of its customers. With its rich heritage and forward-thinking approach, Selfridges is poised to redefine the retail landscape on Oxford Street.
Useful links:
– Selfridges Official Website
– Oxford Street Official Website
