What: The Fenwick building in New Bond Street is set for a makeover, with plans submitted to Westminster Council.

Why it is important: The proposed makeover reflects the changing dynamics of the retail industry and aligns with the growing demand for office spaces.

The new plan focuses on converting the space into offices, despite its location on a prestigious luxury shopping street. Architect Foster & Partners has proposed adding new upper floors and roof terraces to the 136-year-old building, boosting floor space by 40%. The aim is to have "world-class retail accommodation" on street level and the first floor, with upmarket offices above. The building is now owned by Lazari Investments, who purchased it for around £430 million. The current mix of 12,000 sq m of retail and less than 2,300 sq m of offices will be reversed, with the new building housing just under 4,700 sq m of retail and over 16,000 sq m of offices. This retail space will consist of four units accessed from New Bond Street.

Plans for Fenwick Bond St ex-flagship mean big cut in retail space