*This article was updated on 5 March 2026 to include a quote from Kenningham Retail and to add JLL and Kenningham Retail as agents.
M&G has conjured up a high-profile lease on London’s Oxford Street to Warner Bros. Global Experiences for the development of a Harry Potter flagship store.
Located at The Ribbon, M&G’s £250 million redevelopment of 134-140 Oxford Street, the store will span two floors and will feature photo opportunities, exclusive themed merchandise and interactive elements.
The wizard emporium site is set to open in late 2026 and follows similar store openings in New York, Tokyo and Chicago in the Omni Chicago Hotel, as revealed by CoStar News in 2023.
The site is part of a growing demand for "shop-and-experience" sites, in which retailers look to open locations with immersive experiences in prime city centre locations, the company said in a statement. This comes as more than 50% of United Kingdom adults cite food and entertainment as key factors in the shopping experience, rising to 62% when considering leisure activities, according to research commissioned by M&G.
The Ribbon site was home to drapers, or cloth sellers, in the Victorian era and has received a multi-million-pound redevelopment backed by capital from M&G’s £130 billion With Profits Fund, including the £68 billion PruFund which is aimed at investing in infrastructure and real estate for young individual savers, the company added.
Martin Towns, global head of real estate, M&G Real Estate, said in a statement: “London’s Oxford Street continues to attract world‑leading brands" adding that the project offers "the scale and quality of space needed for modern, experience‑led retail. ”
Ciaran Mulligan, chief investment officer of M&G Life, said: “This deal shows how the high street can bring some magic to your pension investments.”
Karl Durrant, Warner Bros. senior vice-president, worldwide retail said Oxford Street is "one of the world’s most renowned and esteemed shopping destinations.”
Mark Serrell, Partner at Kenningham Retail, said: "The Ribbon is a truly spectacular building, deserving of an equally extraordinary occupier, which we have found in Harry Potter.
"Warner Bros will deliver an entirely new style of retail never seen before on Oxford Street. The store will captivate visitors in the UK and from across the globe, and attract a whole new audience to this iconic street. Years in the making, but collectively, we’ve brought some magic to London".
CBRE acted as Development Manager on behalf of M&G, and is joint agent on the leasing mandate with Knight Frank. Kenningham Retail also advised M&G. JLL advised Warner Bros. Discovery.