Selfridges’ new owners to redevelop Oxford Street space

Selfridges’ new owners, Central Group and Signa Holding, have announced that a redevelopment of the “underutilised” hotel, car park and mews at Selfridges Oxford Street is being assessed to create additional value.

Several store transformation programmes and new developments are ongoing in multiple countries. Central Group said that store transformation and development is at the heart of its strategy in Europe. 

The group added that it aspires to establish Selfridges.com as the “ultimate global luxury online platform” by leveraging Selfridges’ global brand recognition, merchandise and brand curation and exclusive collections across banners, and advanced technology and data to personalise and enhance customer experience.

The new owners will leverage this alongside the group’s presence in 11 countries to “promote awareness beyond the local market” and to provide omnichannel services that “pure online retailers cannot easily replicate”, particularly in Thailand and SE Asia where Central Group is headquartered. 

Central Group’s European eCommerce platforms receive 30 million online visitors monthly and generate €1bn (£861.67m) in sales annually, accounting for 17% of total sales. Online orders are shipped to 130+ countries worldwide, and international sales contribute up to 40% of Selfridges.com turnover.

Tos Chirathivat, Central Group CEO and executive chairman, said: “For the past 75 years, our success was built on our commitment to bring the best possible experience, products, and services to all our customers, both offline and online. We have the opportunity to closely collaborate with world-renowned brands and employ exceptional talents globally.

“We are also committed to build sustainable communities, through enhancing areas surrounding the stores, providing local employment, and preserving the stores’ heritage, as well as the environment, with Selfridges being at the forefront of global environmental initiatives.”