Marks & Spencer to downsize Marble Arch flagship with office redevelopment

Marks & Spencer maintains that the proposal will ultimately enhance the retail offer at the store and enable it to “unlock value” through provision of prime office space, which it said remains in demand.

A planning application for the changes will be made later this year once M&S has consulted with interested groups, such as customers and the local community.

It is envisaged that the redeveloped store will continue to offer a broad range of food, fashion and home goods.

The changes would create “a modern retail environment and “be seamlessly integrated with M&S.com and equipped with the latest in-store digital shopping technology for customers and colleagues to choose from”.  

The proposals mirror developments at other retailers, such as John Lewis, to identify new, lucrative uses for former retail space as online shopping grows.

Approximately 40% of M&S’s space is freehold or long leasehold, which the retailer believes puts it in a “unique position” to unlock value through alternative uses.

M&S retail, operations and property director Sacha Berendji said: “The launch of our proposal to redevelop Marble Arch 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.”