Latest news with #CentralGroup
Telegraph
17 hours ago
- Business
- Telegraph
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. Bosses are hopeful that the venture will restore profits at the struggling retailer, which posted losses of £41.9m for the year ending February 2024. Revenues also fell 1pc to £834.9m. It comes after 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. Luxury slump Selfridges is seeking alternative sources of revenue as it battles a sluggish luxury 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 affected by higher finance costs caused by recent changes in accounting standards.
The Star
05-06-2025
- Business
- The Star
Thai railway unveils land development programme
The move is set to significantly increase the railway's revenue streams through its asset-management subsidiary. — AFP BANGKOK: The State Railway of Thailand (SRT) has announced an extensive plan to unlock the commercial value of its vast land holdings, with 28 prime plots slated for auction over the next two years. The move is set to significantly increase the railway's revenue streams through its asset-management subsidiary. Currently, the SRT controls approximately around 39,500ha of land across Thailand. Of this, 32,299ha are designated for core business operations such as stations and railway lines, while 7202ha fall under 'non-core' assets, with 5,402ha identified as having substantial commercial development potential. In September 2020, the Thai Cabinet approved the establishment of SRT Asset Co Ltd (SRTA), a wholly owned subsidiary, to manage these assets more efficiently. SRTA was officially registered in April 2021 and has since taken over the administration of existing commercial lease agreements. Veeris Ammarapala, governor of the SRT, clarified that while the SRT retains 100% ownership of all assets, SRTA's mandate is to significantly enhance revenue generation from them. SRTA will manage current leases, allocate new land, negotiate with third parties, and forge joint ventures with private entities for land development. This includes leasing land from the SRT or acquiring plots from other organisations for development and management. SRTA will ultimately return 5% of its contract management income to SRT. 'SRT has entrusted SRTA with the management and detailed study of development models for all major land plots, including the lease agreement for the Phahonyothin area, where Central Group is a key tenant and whose contract expires in 2028,' Veeris stated. 'While Central Group has expressed initial interest in renewing their lease, SRT must first update the land valuation before commencing negotiations.' Since last November, SRTA has taken over the management of 12,233 commercial (non-core) lease agreements from the SRT, covering 6,155ha. A thorough review of these contracts is now underway. — The Nation/ANN
