Business
M&S can tear down flagship Marble Arch store, says UK government
Global Banking & Finance Review®
Company
By James Davey
LONDON (Reuters) – British retailer Marks & Spencer can demolish and rebuild its flagship Marble Arch store in central London, the Ministry of Housing, Communities and Local Government said on Thursday, ending a three-year planning battle over the site.
The fate of the Art Deco site, made up of three separate buildings, has fueled a debate about the direction of architecture in the capital, particularly whether older buildings can be demolished and rebuilt or should be retrofitted.
The High Court had ruled in March that the then Conservative government’s decision in 2023 to block M&S’s project on heritage and environmental grounds was unlawful and told it to reconsider.
Labour’s election win in July meant the decision fell to Angela Rayner, the deputy prime minister who is also the housing, communities and local government minister.
She ruled on Thursday that permission should be granted.
M&S, which is 140 years old and is one of the best-known names in British business, argued the site is impossible to develop without rebuilding. The building is located at one end of Oxford Street, London’s most famous shopping thoroughfare.
The clothing and food retailer, which first outlined its plans for the site in 2021, wants to build a new smaller store, with restaurants, offices and a gym.
Opponents of the redevelopment plan have argued it could harm nearby protected buildings and is at odds with the government’s desire to decarbonise the economy, due to carbon emissions in the demolition process.
“I am delighted that, after three unnecessary years of delays, obfuscation and political posturing at its worst, under the previous Government, our plans for Marble Arch – the only retail-led regeneration proposal on Oxford Street – have finally been approved,” M&S CEO Stuart Machin said.
Last month, M&S forecast strong Christmas trading after reporting a 17% rise in first-half profit, adding to evidence its latest turnaround plan is working. Its shares are up 46% so far this year.
(Reporting by James Davey; Editing by Sachin Ravikumar and Frances Kerry)
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