Fenwick is planning to close its iconic store on Bond Street after 130 years. You’ve still got some time to pop in, though, as it’s not set to shut its doors until 2024.
After a ‘challenging’ few years, the store has announced it will sell the five-storey building that it’s been operating out of since 1891. Lazari Investments, run by the descendants of the late billionaire property developer Chris Lazari, has reportedly bought the building for £430 million.
The move comes in an attempt to save the Fenwick brand and grow its online presence using the money from the sale. Despite being the retailer’s most iconic location, the central London store doesn’t have a menswear or homewear section like its other shops do. Fenwick of Bond Street also makes fewer than half the sales of bigger Fenwick shops in Brent Cross, Kingston upon Thames and Newcastle.
Simon Calver, chairman of Fenwick, said: ‘Decisions like this are always difficult but it is absolutely the right thing for the business. Clearly, trading has been tough across all of retail for the past few years. There’s been Covid and now there’s a cost-of-living crisis. This was about what we need to do to ensure the business is on a really strong financial footing and can survive for another 140 years.’
Lazari Investments said it plans to convert the Bond Street building into a mixed-use development. We’re predicting a co-working space, some tenantless luxury apartments and a big Brewdog.
More sad West End news: Legendary Soho deli I Camisa & Son is closing after nearly 100 years.