Overall, the net retail space will increase by 15% to 32,250 sf and 13,000 sf of offices will also be created as part of the redevelopment scheme, which Austin Reed plans to lease out from Summer 2003.
Austin Reed's Chief Executive Roger Jennings said the improvements could drive a 40% increase in turnover from the store. He said: 'This redevelopment scheme for Austin Reed's global flagship store in Regent Street reflects our confidence in the group's core brand and also in the sales and profit potential that this landmark site holds. These plans strengthen both Austin Reed's brand proposition and also its future prospects for growth in the UK and internationally.'
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