What: Fenwick has abandoned negotiations to open a new store in Guildford, a second tier UK City.

Why it is important: Fenwick will close its London store at the end of 2024, but seems to be looking to become a major regional player and make sure it is central in the rest of the country.

Fenwick, a UK independent department store group, has decided not to proceed with its plan to open a new store in Guildford by taking over the former House of Fraser location. The company had considered taking on a 16-year lease for the 180,000 sq ft space from Canada Life, but negotiations fell through without a disclosed reason. Fenwick has been aiming to expand its regional presence, especially after selling its London flagship store for £430 million, a move that brought the company back to profitability. This profit, amounting to £57.1m pre-tax in the 52 weeks leading up to January 28, marked a significant turnaround from a loss of £5.2m in the previous year. Despite this setback in expansion, Fenwick's CEO John Edgar reported that their existing nine stores across the UK and their online operations have been performing well amidst a fluctuating year.

Fenwick ends talks on taking over former HoF store in Guildford