Fenwick to convert 10% of West End flagship space to offices to raise revenue
UK department store chain Fenwick is planning to convert 10% of its Bond Street floorspace into offices for rent in a bid to cut costs and create new revenue. Around 3,500 sq ft of floorspace will go, a news report said.
The changes included the reconstruction of four floors of offices, a fourth-floor restaurant and an office entrance. The proposal by the Bond Street store was given the go-ahead after Westminster council agreed stores are facing “exceptional” challenges, according to a London Evening Standard report.
Spokesman Hugo Fenwick said: “Trade has become substantially more challenging in recent years due in large part to the structural shift of retail sales from physical stores to online platforms. Although mitigated by significant investment in the brand’s own multichannel platform, it is recognised that Fenwick will need to extend the building to provide a further revenue stream that will cross-subsidise the contribution from the department store.”
Fenwick also has London region stores at Brent Cross and Kingston, alongside other outlets nationwide.
Is latest accounts showed that it made a £44.2 million pre-tax loss on total sales of £355 million in the 12 months to January 2019.
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