Fenwick is to close its Bond Street department store in central London after more than 130 years as the retailer looks to secure its long-term future following a “challenging” few years.
The upmarket department store group confirmed yesterday that it had made the “difficult decision” to sell the five-storey building to Lazari Investments, which is run by the descendants of Chris Lazari, the late billionaire property developer.
Fenwick did not disclose the sale price but agents believed it had fetched about £430 million. Although the deal is expected to complete early in the new year, the store will remain open until the beginning of 2024.
“Decisions like this are always difficult but it is absolutely the right thing for the business,” Simon Calver, Fenwick’s chairman,