The death of the high street is well and truly upon us (RIP). We’re not talking about Woolworths and Blockbuster Video. Oxford Street looks very different to how it did ten years ago – it’s now full of American-style sweet shops and the legendary Topshop is no more.
What’s next? The owners of Selfridges have just announced that they’re putting the business up for sale, including the flagship Oxford Street shop that dates back to 1909. Thanks to the pandemic, the luxury department store chain suffered from less footfall – especially in touristy areas like Oxford Street – and had to cut 450 jobs last year due to all of the disruption.
If you’re thinking of buying, it has a hefty price tag, obviously. The sale of Selfridges’ four UK stores in London, Manchester and Birmingham, as well as Brown Thomas and Arnotts in Ireland and De Bijenkorf in the Netherlands, could bag its owners as much as £4bn. They hope to complete a deal by the end of the year – keep an eye out to see how the saga unfolds.
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