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An spokesman for the retailer added that the store “would deliver a much-needed boost for Oxford Street and send a clear message to developers that regeneration of our towns and cities is a clear priority”.
Machin has been outspoken about the current plight of Oxford Street. Back in 2022, he said: “When I walk down Oxford Street today, I see a stark reality staring back at me. One in five shops sit vacant, there is a growing proliferation of tacky candy stores and near £600,000 of counterfeit goods have been seized from hawkers this year.
“The effects of Covid have brought a street that was once the jewel of UK shopping to its knees.”
M&S’ redevelopment has been supported by fellow retail giants Selfridges and Ikea.
The furniture giant’s UK country manager Peter Jelkeby said: “With Ikea having recently committed to a significant investment at Oxford Circus and preparing to open our newest London store next year, we are delighted to see the proposal from Marks and Spencer.”
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