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Retail giant John Lewis is considering the option of using some of its surplus spaces located across the UK as co-working or serviced offices – either by collaborating with an existing serviced office provider, or launching its own brand.
Major UK cities with ‘older’ stores are being considered, with the opportunity to make use of wasted or unused space in large department stores. The scheme will be dependent on a cost analysis, expected to be available in 2018, which will outline the plausibility of the project.
Eugene O’Sullivan, Managing Director at tenant representation firm Morgan Pryce, believes; “The scheme demonstrates that the retailer is in touch with the property market. With online shopping on the rise, department stores such as John Lewis are having to deal with large portions of their property portfolios being underused, and with the growth of co-working spaces, this is a radical and forward-thinking move.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.