Selfridges: 370 million euro revamp for flagship

By

Matthieu Guinebault

Published
May 27, 2014

The British department store has announced a 300 million pound (370 million euros) investment in renovations for its flagship on Oxford Street in London. It should be the largest ever investment of its kind by a department store, according to its Canadian owner, Galen Weston.

Floor space should be augmented by about 10%, bringing the store’s total size to 580,000 square feet (53,880 m²). The expansion will be made possible in particular by the relocation of the current delivery area, which will be replaced by a new grand entrance on Duke Street, as well as the removal of offices to a nearby building.

For its last financial year, which ended in early February, Selfridges generated a turnover of 602 million euros, up 5%. Pre-tax profits, for their part, reached 90 million euros, up 9%.