Latest news with #Selfridges
Yahoo
3 hours ago
- Business
- Yahoo
Selfridges to open private members' club in battle to revive fortunes
Selfridges has unveiled plans to open its first-ever private members' club as it races to revive its fortunes. The luxury retailer is planning to turn the fourth floor of its flagship department store on Oxford Street into an invitation-only club called 40 Duke. The club, which will open next spring, will include a bar, a private dining room and a terrace. News of the venture, first reported by Estates Gazette, comes after Selfridges posted losses of £41.9m for the year ending February 2024. Revenues also fell 1pc to £834.9m. It also follows a change in ownership at Selfridges, as Saudi Arabia's Public Investment Fund last year bought out a stake previously owned by Austrian property tycoon Rene Benko. Thailand's Central Group, a retail conglomerate controlled by the billionaire Chirathivat family, remains its largest shareholder with a 60pc stake. As for the club itself, it is expected to replace office space currently used by Selfridges staff and executive directors, including meeting rooms and boardrooms. The plans will be voted on by Westminster City Council next week. Selfridges is seeking alternative sources of revenue as it battles a sluggish luxury retail market. Global economic uncertainty has dented consumer confidence, with half of shoppers intending to spend less on luxury goods in the year ahead, according to recent findings from Internet Retailing. Property consultants from Montagu Evans, which is advising Selfridges on the proposal, said in a recent report: 'Selfridges must continuously carry out refurbishment and improvement to sustain its prominence within what is a fast-paced and demanding industry. 'The proposal will allow Selfridges to continue to thrive and succeed along a world-renowned shopping destination that is Oxford Street, supporting the international shopping centre and the vibrancy of London's West End.' Despite its prime location, the club will have to contend with a range of similar outlets across London, including the Nexus in South Kensington, Aethos in Shoreditch and Lighthouse Social in Fulham. A Selfridges spokesman said: 'We're always exploring new ways to evolve our offer and elevate our customers' experience with us. As usual, we've big and exciting plans for the rest of this year and beyond, and we look forward to sharing more when we can.' They added that its most recent trading performance was largely affected by higher finance costs caused by recent changes in accounting standards. The spokesman added: 'The loss before tax is largely attributable to the adverse impact of IFRS 16. Profit before tax pre IFRS 16 was £56.7m.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Scottish Sun
a day ago
- Business
- Scottish Sun
UK's busiest high street set to ban cars – turning it into ‘world-class' tourist attraction
Plus, the exact time to get a free performance from huge Hollywood star on London street EVERY night this summer REVVING UP UK's busiest high street set to ban cars – turning it into 'world-class' tourist attraction THE UK capital could see big changes this summer amid the Mayor's plans to regenerate Oxford Street and introduce Al Fresco dining across the city. Sadiq Khan plans to pedestrianise the famous street in central London, which is the busiest shopping street in Europe and which includes popular destinations such as Selfridges, John Lewis and more recently, Ikea. 4 There will also be more outdoor summer dining across London this summer Credit: Alamy These businesses have also backed the plans which aim to boost retail and drive growth for London. The Oxford Street area would include see the pedestrianisation of the main shopping roads, currently busy with buses and taxis. Traffic and highway proposals will be developed and consulted on later this year. A new report published by the Mayor of London found that almost two-thirds (63 per cent) of Londoners are in favour of pedestrianising Oxford Street. Mayor of London, Sadiq Khan, said: "It's clear that the vast majority of Londoners and major businesses back our exciting plans, so I'm pleased to confirm that we will now be moving ahead as quickly as possible. "We want to rejuvenate Oxford Street; establish it as a global leader for shopping, leisure and outdoor events with a world-class, accessible, pedestrianised avenue. "This will help to attract more international visitors, and act as a magnet for new investment and job creation, driving growth and economic prosperity for decades to come. "Our plans are not only about creating a beautiful public space where people can shop, eat and connect – but transforming Oxford Street into a place Londoners and the whole of the country can be proud of, as we continue to build a better London for everyone." Deputy Prime Minister, Angela Rayner, added: "We will support the Mayor in delivering this ambitious vision, which will help to breathe new life into Oxford Street – driving investment, creating new jobs for local people, and providing a boost to economic growth in the capital in line with our Plan for Change." In addition to the new plans for Oxford Street, the Mayor has also revealed that a number of different areas in London will gain al fresco dining and later opening hours this summer. Dubai Ice Cream Brixton, Leyton, Shoreditch and the West End will all gain outdoor dining for the summer months, after the Mayor has been granted licensing powers from Government to help boost the capital's nightlife. In Westminster, the widely popular al fresco dining programme that was seen during the pandemic will return on St Martin's Lane in the West End. The street will be car-free from 11am to 11pm and al fresco licenses will be available available for up to 34 businesses. Plans will be developed in the coming months to make this permanent. In Shoreditch, for the first time ever independent bars and restaurants on Rivington Street and Redchurch Street will offer outdoor dining and drinking until midnight. 4 Oxford Street's pedestrianisation could completely change Europe's busiest shopping street Both streets will be car-free on Fridays and Saturdays throughout the summer. In Brixton, there will be 400-square-metres of outdoor dining space for around 80 extra tables and 400 extra seats for businesses in Atlantic Road and Brixton Station Road. Running on selected weekends, the roads will become car-free zones until 10pm, with daytime activities including food markets, art workshops and live music. In Leyton, Francis Road will extend its car-free hours and boast seating, outdoor games, late events and a weekend market. The £300,000 Summer Streets Fund will ultimately enable areas across the city to open-up to more guests across longer hours this summer. 4 Both are part of plans to make the city more welcoming Credit: Alamy The hope is that the scheme will also be expanded in the coming years. Sadiq Khan said: "The schemes announced today are just the beginning and we're looking to build on their success across London in the years ahead. "London's food, drink and nightlife scenes are world-class and I'm determined to do all I can to help them thrive. "With new licensing powers granted by Government being developed, I'm looking forward to doing even more - working with boroughs, businesses and the police to drive forward more initiatives like these." Also, London's newest tourist town in 'forgotten' district is £1.3bn attraction with hotels, theatre and rooftop bar. Plus, the exact time to get a free performance from huge Hollywood star on London street EVERY night this summer.
The Irish Sun
a day ago
- Business
- The Irish Sun
UK's busiest high street set to ban cars – turning it into ‘world-class' tourist attraction
THE UK capital could see big changes this summer amid the Mayor's plans to regenerate Oxford Street and introduce Al Fresco dining across the city. Sadiq Khan plans to pedestrianise the famous street in central London, which is the busiest shopping street in Europe and which includes popular destinations such as Selfridges, John Lewis and more recently, Ikea . 4 There will also be more outdoor summer dining across London this summer Credit: Alamy These businesses have also backed the plans which aim to boost retail and drive growth for London. The Traffic and highway proposals will be developed and consulted on later this year. A new report published by the Mayor of London found that almost two-thirds (63 per cent) of Londoners are in favour of pedestrianising Oxford Street. Read more on London Mayor of London, Sadiq Khan, said: "It's clear that the vast majority of Londoners and major businesses back our exciting plans, so I'm pleased to confirm that we will now be moving ahead as quickly as possible. "We want to rejuvenate Oxford Street; establish it as a global leader for shopping, leisure and "This will help to attract more international visitors, and act as a magnet for new investment and job creation, driving growth and economic prosperity for decades to come. "Our plans are not only about creating a beautiful public space where people can shop, eat and connect – but transforming Oxford Street into a place Londoners and the whole of the country can be proud of, as we continue to build a better London for everyone." Most read in News Travel Deputy Prime Minister, jobs for local people, and providing a boost to economic growth in the capital in line with our Plan for Change." In addition to the new plans for Oxford Street, the Mayor has also revealed that a number of different areas in London will gain al fresco dining and later opening hours this summer . Dubai Ice Cream Brixton, Leyton, Shoreditch and the West End will all gain outdoor dining for the summer months, after the Mayor has been granted licensing powers from Government to help boost the capital's nightlife. In Westminster, the widely popular al fresco dining programme that was seen during the pandemic will return on St Martin's Lane in the The street will be car-free from 11am to 11pm and al fresco licenses will be available available for up to 34 businesses. Plans will be developed in the coming months to make this permanent. In Shoreditch, for the first time ever independent bars and restaurants on Rivington Street and Redchurch Street will offer outdoor dining and drinking until midnight. 4 Oxford Street's pedestrianisation could completely change Europe's busiest shopping street Both streets will be car-free on Fridays and Saturdays throughout the summer. In Brixton, there will be 400-square-metres of outdoor dining space for around 80 extra tables and 400 extra seats for businesses in Atlantic Road and Brixton Station Road. Running on selected weekends, the roads will become car-free zones until 10pm, with daytime activities including food markets, art workshops and live music. In Leyton, Francis Road will extend its car-free hours and boast seating, outdoor games, late events and a weekend market. The £300,000 Summer Streets Fund will ultimately enable areas across the city to open-up to more guests across longer hours this summer. 4 Both are part of plans to make the city more welcoming Credit: Alamy The hope is that the scheme will also be expanded in the coming years. Sadiq Khan said: "The schemes announced today are just the beginning and we're looking to build on their success across London in the years ahead. "London's food, drink and nightlife scenes are world-class and I'm determined to do all I can to help them thrive. "With new licensing powers granted by Government being developed, I'm looking forward to doing even more - working with boroughs, businesses and the police to drive forward more initiatives like these." Also, Plus, the 4 It comes after the Mayor has been given more licensing powers Credit: Alamy
The Sun
a day ago
- Business
- The Sun
UK's busiest high street set to ban cars – turning it into ‘world-class' tourist attraction
THE UK capital could see big changes this summer amid the Mayor's plans to regenerate Oxford Street and introduce Al Fresco dining across the city. Sadiq Khan plans to pedestrianise the famous street in central London, which is the busiest shopping street in Europe and which includes popular destinations such as Selfridges, John Lewis and more recently, Ikea. These businesses have also backed the plans which aim to boost retail and drive growth for London. The Oxford Street area would include see the pedestrianisation of the main shopping roads, currently busy with buses and taxis. Traffic and highway proposals will be developed and consulted on later this year. A new report published by the Mayor of London found that almost two-thirds (63 per cent) of Londoners are in favour of pedestrianising Oxford Street. Mayor of London, Sadiq Khan, said: "It's clear that the vast majority of Londoners and major businesses back our exciting plans, so I'm pleased to confirm that we will now be moving ahead as quickly as possible. "We want to rejuvenate Oxford Street; establish it as a global leader for shopping, leisure and outdoor events with a world-class, accessible, pedestrianised avenue. "This will help to attract more international visitors, and act as a magnet for new investment and job creation, driving growth and economic prosperity for decades to come. "Our plans are not only about creating a beautiful public space where people can shop, eat and connect – but transforming Oxford Street into a place Londoners and the whole of the country can be proud of, as we continue to build a better London for everyone." Deputy Prime Minister, Angela Rayner, added: "We will support the Mayor in delivering this ambitious vision, which will help to breathe new life into Oxford Street – driving investment, creating new jobs for local people, and providing a boost to economic growth in the capital in line with our Plan for Change." In addition to the new plans for Oxford Street, the Mayor has also revealed that a number of different areas in London will gain al fresco dining and later opening hours this summer. Dubai Ice Cream Brixton, Leyton, Shoreditch and the West End will all gain outdoor dining for the summer months, after the Mayor has been granted licensing powers from Government to help boost the capital's nightlife. In Westminster, the widely popular al fresco dining programme that was seen during the pandemic will return on St Martin's Lane in the West End. The street will be car-free from 11am to 11pm and al fresco licenses will be available available for up to 34 businesses. Plans will be developed in the coming months to make this permanent. In Shoreditch, for the first time ever independent bars and restaurants on Rivington Street and Redchurch Street will offer outdoor dining and drinking until midnight. 4 Both streets will be car-free on Fridays and Saturdays throughout the summer. In Brixton, there will be 400-square-metres of outdoor dining space for around 80 extra tables and 400 extra seats for businesses in Atlantic Road and Brixton Station Road. Running on selected weekends, the roads will become car-free zones until 10pm, with daytime activities including food markets, art workshops and live music. In Leyton, Francis Road will extend its car-free hours and boast seating, outdoor games, late events and a weekend market. The £300,000 Summer Streets Fund will ultimately enable areas across the city to open-up to more guests across longer hours this summer. 4 The hope is that the scheme will also be expanded in the coming years. Sadiq Khan said: "The schemes announced today are just the beginning and we're looking to build on their success across London in the years ahead. "London's food, drink and nightlife scenes are world-class and I'm determined to do all I can to help them thrive. "With new licensing powers granted by Government being developed, I'm looking forward to doing even more - working with boroughs, businesses and the police to drive forward more initiatives like these." Also, London's newest tourist town in 'forgotten' district is £1.3bn attraction with hotels, theatre and rooftop bar. Plus, the exact time to get a free performance from huge Hollywood star on London street EVERY night this summer.
Gulf Weekly
a day ago
- Business
- Gulf Weekly
Talk ‘shop'
The Science of Shopping by Kate Hardcastle hits the shelves on June 24. The book is described as a 'no-nonsense guide to how and why we buy now', diving into the international consumer expert's experience of over 25 years. It explores the emotional, technological and psychological dynamics driving purchases, with real-world stories from top global brands, including Primark, Erewhon and Selfridges. Kate explained on social media that the drive to write the book came from her online observations of questions about consumers, which led her to create a 'helpful guide' that is shaped by her journey, listening to customers, helping businesses do better and learning from mistakes. 'Today's consumers are more empowered, informed and selective than ever before,' Kate stated. 'Their preferences, values, and buying habits are evolving at an unprecedented pace, and businesses must keep up or risk being left behind. 'Making a great product is only half the story. The rest is emotion, strategy, and trust. The Science of Shopping gives every brand, from global powerhouse to garage start-up, the tools to connect, inspire, and truly sell,' she added. In 2018, the broadcaster and commentator based in London was awarded a Member of the Order of the British Empire by Queen Elizabeth II for her contributions to business and entrepreneurship.
