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After a somewhat slow 2017, many high street retailers have been cutting down on space and saving costs by closing stores and partnering with or renting out surplus space to other companies, such as restaurants and gyms.
UK high street favourite Debenhams has announced that it will be next retailer to join the trend, and is currently in talks to rent space in its flagship London store to US flexible-office giant WeWork as it looks to scale back its high street presence.
Back in 2017, Chief Executive Sergio Bucher announced the company’s plans to close 10 shops and downsize some others, as well as seek out partnerships, and the firm has already collaborated with gym specialists Sweat! to open three instore fitness centres in its unused space. Now, with these new plans to move into the world of office spaces, Debenhams is heading into 2018 with plenty of options for a successful, prosperous year.
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.