The new owners of Selfridges, Thailand's Central Group and Signa Holding have revealed plans for the Oxford Street flagship site. These new plans include the potential opening of an upmarket hotel and the development of serviced apartments. 

The Austrian-based property company Signa acquired Selfridges with Thailand's Central Group from the Westons family last month. In a conversation with the Financial Times, Signa’s Executive Chairman Dieter Berninghaus unveiled the potential plans for the location, stating: "The purchase price merely reflects the valuation of the main Selfridges building and its retail utilisation."

Berninghaus added that the development of serviced apartments holds a "significant upside potential" and further suggested a "plan to trade up the food hall", which is considered a core competency of Signa.

Part of Selfridges’ Oxford Street location has remained empty since 2008, an area that once housed a hotel and has since only operated temporary activations, such as a skate park.

The Signa group also owns Swiss luxury store Globus and German store, Kadewe, as well as digital fashion mall Mybestbrands, which it acquired back in 2017.