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Marks and Spencer is considering the prospect of leaving and downsizing its central London head office, according to Retail Week.
The department store‘s chief executive Stuart Machin reportedly raised the possibility at this week’s investor day during a presentation, where he questioned the need for large central London offices.
He argued that switching up working patterns while focusing on greater flexibility alongside greater cost efficiencies would justify a move out of central London.
He said that the lease will run out in FY28 and that he doesn’t see the businesses needing a large office in central London.
Marks and Spencer’s current HQ, Waterside House, covers 11 storeys and 237,800 sq ft.
Machin said: “We’ve got a chance over the next few years to plan for that, to have smaller hubs around the country and to do that in the most cost-efficient way, but also to do it where we can attract the best talent from across the whole of the UK.”
