Selfridges – which has just been named world’s best department store for a consecutive third time – is set to launch its most ambitious project yet
The group will invest £300m in its flagship branch on London’s Oxford Street. Work on the redevelopment will start at the end of this month and will be completed within five years.
The project is set to transform the Eastern side of the neo-classical building situated on Duke Street. Plans include more than doubling the size of the handbag department on the ground floor to 50,000sq ft and integrating luxury accessories such as sunglasses and small leather goods within the new space.
Selfridges said the revamp is likely to be “the highest level of investment ever for a single project in a department store anywhere in the world.” Selfridges Group chairman Galen Weston said: “In the last 10 years Selfridges has grown from strength to strength and this significant investment in the redevelopment of our Oxford Street store is part of our commitment across all our businesses to provide leading luxury shopping experiences for our customers around the world.”
At the Global Department Store Summit held recently in Singapore, The Intercontinental Group of Department Stores (IGDS) announced that Selfridges has been recognised as the Best Department Store in the World for a third consecutive time after having held the title since 2010. The title, which Selfridges will retain until 2016 acknowledges the best in class performer against several criteria including product selection, service innovation and outstanding customer experiences.
Selfridges is part of the Selfridges Group, owned by Canadian entrepreneur Galen Weston, since 2003. The retailer, which opened in 1909, has benefited from annual investment under the Weston ownership, and enjoys more than £1 billion a year in sales.