// Selfridges new owners Central and Signa are seeking to redevelop underused space at its Oxford Street store
// The group is also working to transform Selfridges into the ultimate luxury destination online
Selfridges new owner is looking to redevelop “underutilised space” at its Oxford Street flagship as it looks to transform the department store into a luxury ecommerce platform.
Central Group and Signa Holding, which completed their joint venture acquisition of the department store retailer last month, said a “redevelopment of the underutilised hotel, car park and mews is being assessed to create additional value to this marquee asset” on Oxford Street.
The new owner also revealed that it wanted to become the ultimate luxury online platform by leveraging Selfridges’ global brand, and its merchandise and brand curation, including its exclusive collections.
It plans to use data and technology to personalise the customer experience and will expand its presence to 11 countries, including Italy, Germany and Switzerland to promote awareness and provide omnichannel services, according to Drapers.
Central and Signa had already revealed its plan to integrate Selfridges’ ecommerce platforms, which “draw over 30 million online visitors monthly and ship to over 130 countries worldwide”, with its own.
Selfridges has been combined with Central and Signa’s portfolio of luxury department stores since its acquisition.
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Thai group Central, which operates across retail, real estate and hospitality, owns around 3,700 stores worldwide.
It partnered with European retail and real estate firm Signa in 2015 to invest in Berlin department storeThe KaDeWe Group in 2015, followed by Swiss retailer Globus in 2020.
Central Group CEO and executive chairman Tos Chirathivat said: “The addition of Selfridges Group into our department store luxury collection has made Central Group a true global leader in luxury retail with the highest number of international luxury flagship locations in the world’s top destinations, and a thriving international luxury ecommerce platform.
“Above all, we are the proud owner of 19 ‘crown jewel’ properties, mostly situated for more than a century in coveted areas at the heart of European cities such as London, Zurich, Rome, Copenhagen, Dublin and Vienna.”
Central and Signa snapped up Selfridges for a price thought to be close to £4 billion. It was revealed last month that Selfridges’ long-standing group managing director Anne Pitcher would leave the retailer following the sale.
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