Selfridges is to open a second 11,150 sq m (120,000 sq ft) Manchester store after a £30m deal with Marks & Spencer (M&S).
The upmarket retailer is also in talks with landlord Peel holdings about adding a 4,180 sq m (45,000 sq ft) additional floor at its existing Manchester outlet at the Trafford Centre.
Selfridges will acquire half M&S’s Manchester store fronting Exchange Square and will operate from the northern end of the building. This morning M&S announced 4,500 job cuts in the UK and Europe.
The deal follows speculation – exclusively revealed last week by EGi – that developers were attempting to tempt Selfridges into the city centre after strong trading figures at its Trafford Centre store. The new Selfridges will open in autumn 2002. A further £15m will be spent on fit-out and around £5m on new stock.
Marks & Spencer opened the new store at Market Street in 1999 after the existing store was badly damaged in the 1996 terrorist attack on Manchester city centre.
The move will exacerbate Manchester’s growing store wars. Selfridges will now be just 20m from Harvey Nichols’ 7,900 sq m (85,000 sq ft) store, due to open in autumn 2003.
Selfridges finance director Peter Williams said: “Having proved that Selfridges can work outside London and having established ourselves at the Trafford Centre we feel this site represents an excellent location.”
“We have allowed for some dilution of trade as a result of having two stores in one city, but we are convinced the Trafford Centre is a fantastic location in its own right.”
EGi News 29/03/01
