What: a part of the store will be converted into office space

Why is it important: the retail rethinks its store as consumption shifts online

First, John Lewis unveiled plans to convert part of its Oxford Street, London flagship into office space. And now Marks & Spencer is doing the same. The retail giant wants to convert the upper floors of its Oxford Street site while retaining retail space on the lower levels.

The moves on the part of both prominent retail names come as physical retail faces its biggest challenge in decades, not only because of the pandemic-linked lockdown, but because of the wider shift to online shopping.

M&S aims to consult with local stakeholders on its proposals, with its plan being to develop a smaller but much more modern store that will still offer its full range of products.

Marks & Spencer plans to downsize Oxford Street flagship