Department store Fenwick is turning some of its new floorspace at its London flagship into offices, as it seeks new revenue streams to help it survive the challenging trading environment.
New space is being added to the store, which will involve the construction of four floors of office space - some of which will be rented out. A new customer restaurant is also being built as part of the plans.
Westminster Council greenlit the plans after agreeing that shops are facing “exceptional challenges”.
Fenwick swung to a loss of £17.3m in the 52 weeks to 25 January 2019, compared with a £6.5m profit the previous year, amid a “tough retail trading environment”. Gross sales fell 13.6% to £355m.
However, the business has net assets of £541m and no debt.