Marks & Spencer to redevelop Marble Arch store
M&S has unveiled plans to reduce the retail space at its store at London’s Marble Arch and create office space on the upper floors of the building.
In a statement, the retailer said the move would enable it to unlock additional value to support its transformation programme as it looks to create a store estate that is “fit for the future”.
Subscribe to TRBM&S will be consulting with local stakeholders on the proposal.
Under the plans, the retailer would redevelop the existing store which would continue to offer a wide range of food, clothing and home products products. All staff working in the store would be redeployed to surrounding M&S stores during the redevelopment and return to the shop when it reopens.
Alongside the redeveloped store, M&S would look to unlock value from the asset by working with partners to create sustainable, prime Grade A office space in London’s West End.
Sacha Berendji, M&S’s retail, property & operations director, said: “The launch of our proposal to redevelop Marble Arch today is the latest example of how we are shifting gears in creating a store estate fit for the future. Under our Never the Same Again programme we are focused on emerging stronger from the pandemic, and today’s proposal not only means we can redevelop and modernise our store so that it better serves the local community on the UK’s destination high street, but by taking an assertive approach to the management of our asset base we can unlock additional value from the site at the same time and further support our transformation.”
