Marks & Spencer (M&S) has unveiled plans to redevelop its Marble Arch store, with some retail space set to be replaced by offices.
Under proposals announced this afternoon, M&S said the lower levels of the West End store would remain as retail space offering its food and clothing and home ranges.
However, the upper floors of the building – which is one of two M&S stores in Oxford Street – could be replaced with office space as part of the high street retailer’s “Never The Same Again” transformation programme.
If the plans are approved, employees at the Marble Arch store will be redeployed to nearby M&S branches until the redevelopment is finished, the company said.
The move would contribute to the loss of retail space in London’s major shopping district, which has accelerated during the pandemic.
In October, John Lewis received the go-ahead to convert almost half of its flagship Oxford Street store into office space.
Meanwhile, household name retailers Debenhams and Topshop will leave their West End stores empty after falling into administration during the pandemic, and becoming online-only brands.
Sacha Berendji, M&S’s retail, property and 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.
“We are really excited by the proposal and would encourage the local community to share views with us through our public exhibition which kicks off today.”