Latest news with #CentralGroup
Fashion Network
3 days ago
- Business
- Fashion Network
Selfridges wins approval for private members' club
Selfridges, the department store chain owned by Saudi Arabia's Public Investment Fund and Thailand's Central Group, won approval for a new private members' club at its flagship London outlet. Westminster City Council approved an application to convert space currently used for staff offices into a membership venue with a terrace and private dining room. The proposal is part of a wider plan to launch a new 'exclusive new shopping and social destination for its most valued customers and members' on Duke Street in the spring, according to a filing. London has seen a surge in high-end membership-only venues as affluent residents seek exclusive spaces, especially as flexible working has blurred the lines between professional and personal life. These venues have also become a strategy for real estate owners to generate more revenue from underutilized spaces. Tuesday's council approval grants the owners the right to use the space as a members' club or for retail purposes for a period of 50 years, the filings show. The space is part of the SWOD building, which was built in the 1930s as an extension to the main classical building that faces Oxford Street, one of Europe's busiest shopping thoroughfares. Saudi Arabia's PIF became a minority owner in privately held Selfridges last year after acquiring a 40% stake that had been owned by the Signa Group, the now-defunct real estate empire founded by Austrian Rene Benko. The story of the store's founding in 1909 by US retailer Harry Gordon Selfridge was later adapted into the Mr Selfridge TV series starring Jeremy Piven. The roof gardens, which hosted fashion shows and crazy golf in the years after the opening, were destroyed in the Blitz in 1940. They remained closed for about 70 years before reopening in 2009 for an exclusive pop-up restaurant run by French chef Pierre Koffmann, according to one of the filings for the planning approval.
Fashion Network
3 days ago
- Business
- Fashion Network
Selfridges wins approval for private members' club
Selfridges, the department store chain owned by Saudi Arabia's Public Investment Fund and Thailand's Central Group, won approval for a new private members' club at its flagship London outlet. Westminster City Council approved an application to convert space currently used for staff offices into a membership venue with a terrace and private dining room. The proposal is part of a wider plan to launch a new 'exclusive new shopping and social destination for its most valued customers and members' on Duke Street in the spring, according to a filing. London has seen a surge in high-end membership-only venues as affluent residents seek exclusive spaces, especially as flexible working has blurred the lines between professional and personal life. These venues have also become a strategy for real estate owners to generate more revenue from underutilized spaces. Tuesday's council approval grants the owners the right to use the space as a members' club or for retail purposes for a period of 50 years, the filings show. The space is part of the SWOD building, which was built in the 1930s as an extension to the main classical building that faces Oxford Street, one of Europe's busiest shopping thoroughfares. Saudi Arabia's PIF became a minority owner in privately held Selfridges last year after acquiring a 40% stake that had been owned by the Signa Group, the now-defunct real estate empire founded by Austrian Rene Benko. The story of the store's founding in 1909 by US retailer Harry Gordon Selfridge was later adapted into the Mr Selfridge TV series starring Jeremy Piven. The roof gardens, which hosted fashion shows and crazy golf in the years after the opening, were destroyed in the Blitz in 1940. They remained closed for about 70 years before reopening in 2009 for an exclusive pop-up restaurant run by French chef Pierre Koffmann, according to one of the filings for the planning approval.
Forbes
3 days ago
- Business
- Forbes
Billionaire Chirathivat Family's Central Retail Earmarks Up To $1.4 Billion For Expansion In Next Three Years
A Central department store. Thailand's retail giant Central Retail Corp. (CRC)—the flagship unit of billionaire Chirathivat family's Central Group—has earmarked as much as 47 billion baht ($1.4 billion) to expand and upgrade its stores in Thailand and Vietnam to boost the company's earnings. Under the three-year expansion plan through 2027, Central Retail plans to open between 57 to 72 new stores in various formats and renovate as many as 41 existing stores. CRC—which operates 1,889 stores in Thailand, 131 in Vietnam and nine in Italy—hopes the expansion would help boost EBITDA and revenue by 5% annually until 2027. In 2024, its EBITDA rose 6% to 34.4 billion baht as revenue climbed 5.7% to 262.8 billion baht. 'CRC is likely to deliver moderate medium-term earnings growth based on its ongoing expansion and synergy benefits,' Suttatip Peerasub, an analyst at Maybank Securities (Thailand) said in a report released on Wednesday. 'However, CRC's near-term outlook remains challenging amid weak consumption.' Amid a global economic slowdown, Central Retail plans to improve its operations by leveraging AI technology to provide consumers a seamless omnichannel shopping experience across its physical and online stores. At the same time, the company also aims to strengthen its loyalty program, which now boasts over 26 million members. 'With a clear and effective strategy in place, Central Retail is committed to driving stable and strong business growth across all dimensions over the 2025-2027 period,' newly-appointed Central Retail CEO Suthisarn Chirathivat said in a statement on Tuesday. Central Retail's expansion dovetails with the 120-billion-baht five-year investment plan announced by Central Pattana, a listed developer under Central Group, in March to build new office buildings and shopping malls. Central Group—which also holds interest in British retailer Selfridges—is led by Tos Chirathivat, grandson of the group's founder, Tiang Chirathivat. With a net worth of $9.9 billion, the Chirathivat family ranked No. 4 when Forbes Asia published the list of Thailand's 50 Richest in July 2024.
Bloomberg
4 days ago
- Business
- Bloomberg
Saudi PIF-Backed Selfridges Wins Approval for Private Members' Club
Selfridges, the department store chain owned by Saudi Arabia's Public Investment Fund and Thailand's Central Group, won approval for a new private members' club at its flagship London outlet. Westminster City Council approved an application to convert space currently used for staff offices into a membership venue with a terrace and private dining room. The proposal is part of a wider plan to launch a new 'exclusive new shopping and social destination for its most valued customers and members' on Duke Street in the spring, according to a filing.
Yahoo
20-06-2025
- Business
- Yahoo
Selfridges to open private members' club in battle to revive fortunes
Selfridges has unveiled plans to open its first-ever private members' club as it races to revive its fortunes. The luxury retailer is planning to turn the fourth floor of its flagship department store on Oxford Street into an invitation-only club called 40 Duke. The club, which will open next spring, will include a bar, a private dining room and a terrace. News of the venture, first reported by Estates Gazette, comes after Selfridges posted losses of £41.9m for the year ending February 2024. Revenues also fell 1pc to £834.9m. It also follows a change in ownership at Selfridges, as Saudi Arabia's Public Investment Fund last year bought out a stake previously owned by Austrian property tycoon Rene Benko. Thailand's Central Group, a retail conglomerate controlled by the billionaire Chirathivat family, remains its largest shareholder with a 60pc stake. As for the club itself, it is expected to replace office space currently used by Selfridges staff and executive directors, including meeting rooms and boardrooms. The plans will be voted on by Westminster City Council next week. Selfridges is seeking alternative sources of revenue as it battles a sluggish luxury retail market. Global economic uncertainty has dented consumer confidence, with half of shoppers intending to spend less on luxury goods in the year ahead, according to recent findings from Internet Retailing. Property consultants from Montagu Evans, which is advising Selfridges on the proposal, said in a recent report: 'Selfridges must continuously carry out refurbishment and improvement to sustain its prominence within what is a fast-paced and demanding industry. 'The proposal will allow Selfridges to continue to thrive and succeed along a world-renowned shopping destination that is Oxford Street, supporting the international shopping centre and the vibrancy of London's West End.' Despite its prime location, the club will have to contend with a range of similar outlets across London, including the Nexus in South Kensington, Aethos in Shoreditch and Lighthouse Social in Fulham. A Selfridges spokesman said: 'We're always exploring new ways to evolve our offer and elevate our customers' experience with us. As usual, we've big and exciting plans for the rest of this year and beyond, and we look forward to sharing more when we can.' They added that its most recent trading performance was largely affected by higher finance costs caused by recent changes in accounting standards. The spokesman added: 'The loss before tax is largely attributable to the adverse impact of IFRS 16. Profit before tax pre IFRS 16 was £56.7m.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
