Retailer Fights for Oxford Street Regeneration
- Marks and Spencer criticizes Michael Gove’s decision to hold a public inquiry on the redevelopment of its Marble Arch store
- The plans had received support from Westminster Council
- Redevelopment aims for a more sustainable building with significant sustainability advantages
- Asbestos in existing buildings prevents refurbishment
Marks and Spencer has criticized the decision by Secretary of State Michael Gove to hold a public inquiry on the proposed redevelopment of its Marble Arch store on London’s Oxford Street. The retailer had been hoping to demolish the site and replace it with a larger 10-story retail and office block, which had already received support from Westminster Council. Sacha Berendji, group property, store development, and technology director at Marks and Spencer, expressed bewilderment and disappointment in Gove’s decision. The company has been working with the local community and council for two years on this project. The new building would offer sustainability advantages over refurbishment and, upon completion, would be among London’s top 10% performing buildings. Asbestos in existing buildings prevents refurbishment. Berendji stated that the decision could have a chilling effect on regeneration programs across the country.
Factuality Level: 8
Factuality Justification: The article provides accurate information about Marks and Spencer’s criticism of Michael Gove’s decision to hold a public enquiry on the proposed redevelopment of its Marble Arch store, quotes from Sacha Berendji, and explains the reasons behind the company’s support for the project. It also mentions the benefits of the new building in terms of sustainability and potential effects on regeneration programmes across the country.
Noise Level: 3
Noise Justification: The article provides relevant information about Marks and Spencer’s criticism of Michael Gove’s decision to hold a public enquiry on the proposed redevelopment of its Marble Arch store in London. It also includes quotes from Sacha Berendji, group property, store development and technology director at Marks and Spencer, explaining their perspective on the situation. However, it lacks analysis or exploration of long-term trends or possibilities, accountability, scientific rigor, intellectual honesty, staying on topic, evidence, data, examples, or actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: Marks and Spencer’s stock price, retail industry in London
Financial Rating Justification: The article discusses Marks and Spencer’s plans for a redevelopment project that could impact their store performance and the overall retail industry in London. This has potential financial implications for the company and the property market.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article.
www.retailsector.co.uk