More investment is set to be made at Fenwick’s Newcastle department store after the firm sold its main London shop in a deal understood to be worth £430m.
The family-owned retail empire – which includes eight stores around the UK including its flagship Northumberland Street shop – has traded from Bond Street since the 1880s but the store is one of its smallest and takes just half the sales that the Tyneside store brings in. Now, following a challenging time in retail which has been exacerbated by the pandemic, the company has taken the decision to sell the building and an adjoining property.
Fenwick has not confirmed the sale price agreed with Lazari Investments, but it is understood the property was sold off a guide price of £430m. The store will close at the start of 2024. Around 200 people work there, including 100 function staff who will move to a new office. Efforts will be made to relocate the remaining 100 shop floor employees to other stores.
