Selfridges injects 300 million pounds into Oxford Street flagship store

Department store group Selfridges has revealed plans to inject 300 million pounds into the renovation of its London flagship store, located on Oxford Street. The group's iconic flagship store currently reports over 20 million local and international visitors per year and aims to increase

that number by 10 percent with its renovation plans.

The group, owned by billionaire Galen Weston, is set to begin work on the revamp next month and will space out the redevelopment project over the next five years. The investment, which is the largest amount to be used for a single project by any department store in the world, will be used to expand the store's accessories space and add a new entrance.

Selfridges to create "the world's largest" shopping destination for accessories

Selfridges aims to increase the retail space inside the store by over 10 percent to an estimated 580,000 square feet. A new entrance located on Duke Street will be added for shoppers, while other sections of the flagship store currently used as office space will be renovated for store use.

The department store group aims to develop the “the world's largest and most comprehensive destination" for accessories, with a wide variety of selections ranging from designers labels to high street offering.

The luxury handbag department on the ground floor will be expanded to over double its size to 50,000 square feet and will include small leather goods offering and eyewear from a number of premium labels such as Sophie Hulme, 3.1 Phillip Lim and Charlotte Olympia.

“In the last ten years Selfridges has grown from strength to strength and this significant investment in the redevelopment of our Oxford Street store is part of our commitment across all our businesses to provide leading luxury shopping experiences for our customers around the world,” commented Weston in a press statement.

In addition to the store's renovation, the group will be relocating its offices to the adjacent Nations House building, which Selfridges acquired last year for an estimated 130 million pounds. Last month the group announced plans to build a tunnel from Nations House to the store to connect the two buildings and add a new staff entrance on Wigmore Street.

Selfridges Group currently own a series of department store chains around the world, including Brown Thomas in the UK, Holt Renfrew in Canada and De Bijenkorf in The Netherlands.