Marks and Spencer Group PLC (LSE:MKS) said it will shut down its flagship Oxford Street store if it isn’t allowed to rebuild it, adding it is “unsustainable” to continue trading in the current building.
Located near Marble Arch, the store was built in 1929-30 and the FTSE 250 retailer has been looking to knock it down since at least last year in order to rebuild on the same site.
However, the plans have been met with plenty of pushback from environmentalist groups as well as fans of historic buildings.
An inquest into the matter was launched in June by then Communities Secretary Michael Gove.
During opening statements at the inquiry, which started in Westminster yesterday, M&S said there was “no heritage reason” as to why the three buildings on the site should not be demolished.
Lawyer Russell Harris, representing M&S, argued “any heritage harm will be significantly outweighed by the benefits.”
But the SAVE Britain’s Heritage group said the demolition will cause “substantial and unjustified harm to the historic character of Oxford Street.”
The historic buildings campaign group driving the battle against the demolition had received financial support from travel author Bill Bryson, as well as over 5,000 signatures on a petition against the proposal.
Environmentalists have also argued that the demolition would release some 40,000 tonnes of carbon into the atmosphere.
Yesterday, Selfridges said it “supports and endorses” the redevelopment of its neighbour, with it reportedly looking to redevelop its own “underutilised space” at its Oxford Street store.