Marks & Spencer (M&S) is currently contemplating the possibility of completely abandoning its site, expressing concerns that this decision could discourage other retailers from pursuing new developments. This development was confirmed in a conversation with The Telegraph by Peter Jelkeby, UK and Ireland CEO of Ikea. Jelkeby emphasized Ikea’s commitment to a significant investment at Oxford Circus, where they plan to introduce 6,000 products. However, he also stressed the importance of supporting the retail community in the area to maintain its iconic status.
Ikea wasn’t alone in its support for M&S’s redevelopment plans during the planning process. Jelkeby acknowledged that the high street, specifically Oxford Street, plays a crucial role in the international economy and requires investment and regeneration to ensure continued customer attraction, visitor influx, and to instill confidence in UK high streets, inspiring other retailers.
The delay of the Ikea store opening poses a setback for Oxford Street, which has recently been inundated with American candy stores and has been grappling with a surge in crime. In response to a social media-driven campaign encouraging individuals to rob retailers on Oxford Street, the police had to make several arrests and issue dozens of dispersal orders earlier this month. Sacha Berendji, Operations Director at M&S, highlighted the rise in crime, “empty shops, littered streets, and declining footfall” on Oxford Street in a letter written to The Telegraph two weeks ago.
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