Fenwick opened its flagship West End store in 1891… above, artist’s impression

A DEVELOPER says a boom in “ultra luxury” shopping is behind its plans to transform the former Fenwick flagship department store into plush offices and showrooms.

Planning chiefs will decide after the Easter break on proposals to revamp the former department store in New Bond Street.

Residents and building owners have lodged “strong objections” to the proposal that they say will block out light from their homes and businesses.

Lazari Investments’ plan includes a partial demolition and “a deep retrofit approach” with a complex reworking of six buildings.

The application includes a “retail statement” that despite fatal changes in shopping habits combined with the Covid-19 pandemic that caused the fall of major department stores – like Fenwick’s, Debenhams and House of Fraser – top-end shopping has hit an all-time high.

The retail statement said: “The ultra luxury brands are the ones that attract wealthy international tourists who then go on to spend money on hotels, experiences and food and beverage within the City of Westminster.

“The section between Grosvenor Street and Bruton Street probably best illustrates the extraordinary transformation and elevation of Bond Street. The 2013 plan shows four vacant units, a number of antiques galleries, and numerous retailers no longer in existence. Fast forward to 2023, and new entrants to the section include Balenciaga Versace, Breitling, Fendi, Gucci, Chloe, Miu Miu, Alaia and Moncler.

“Since 2013, the luxury market has been dominated by three major Fashion Groups, LVMH, Richemont and Kering Group.

“These three groups own more than 70 ‘houses’ that sell retail products. Examples include Yves Saint Laurent, Gucci, Christian Dior, Cartier etc.”

Despite the surge in luxury sales, footfall in Bond Street has fallen to 22 per cent pre-pandemic levels, the application said.

Ultra luxury shopping benefits from having high-ceiling showrooms two-storey high showrooms, the application said.

It added that the global personal luxury goods market has proved to be one of the most resilient parts of retail.

Between 2010 and 2019 Bain & Co, a leading research authority on the luxury retail sector report that sales have grown by an average of 6 per cent per year.

And while sales did soften during the pandemic due to the closure of physical retail and the stop in international travel, the market has rebounded strongly with global sales in 2022 26 per cent above that reported in 2019 to total €353billion, it said.

The Fenwick company started trading in 1882 and opened its flagship West End store in 1891. At the time it was the only department store in Bond Street.

Before its collapse, Fenwick in 2020 had planning permission approved for a similar refit of the building.

But, after 130 years trading, it shut its doors for the final time on February 3.

The building was sold to Lazari for £430million, who have hired Norman Foster’s architecture firm to draw up designs.

The developer says plans will see a massive expansion of floor space while also requesting alterations to the original planning permission.

Westminster City Council officers’ report said the project would cause “less than substantial harm” to the Mayfair conservation area.

The application says the plan is to provide “high quality office accommodation that includes generous amounts of amenity space in the form of multiple landscaped terraces that should help attract office workers back into the West End”.

Lazari Investments Limited is one of three UK business groups owned by the Lazari family.

In one objection, residents of 121-122 New Bond Street said the were “very concerned about the loss of light to our property”, and added: “We wish to express our deep concern regarding the proposed development that proposes to significantly increase the height of the buildings opposite us.

“Our primary worry is the imminent loss of light to our property, particularly affecting our young daughter’s bedroom, a space vital for her sleep and studies as well as our primary living area in the floor below. The impact on our immediate environment is paramount to our family’s mental and emotional wellbeing.”

The owners of 51 Maddox Street added that the scheme would “cause massive disruption to our business by the building work and eventually be another building dwarfing those around it”.

The GLA has said that the application is supported in principle while Historic England said it had only “modest concerns”.

The Mayfair Neighbourhood Forum said: “The proposed changes will enhance this part of New Bond Street and the retail offer. It will add vitality and visual interest to this key corner site and the rationalisation of the floor levels will provide good quality employment space.”

The planning committee meets on Tuesday.