UK retailer Marks & Spencer (M&S) has unveiled its Pantheon flagship store on Oxford Street, bringing the central London site to completion after a phased renewal.

The retailer said Pantheon is one of six London stores being renewed in the current financial year, alongside four new store openings in the capital.

Nationally, M&S has lined up two new full-line stores, 18 new food outlets, four store extensions and further renewals.

The final phase unveiled the menswear, kidswear, lingerie and home floors, following the food hall's opening in the lower ground level last August and the womenswear and beauty floors going live in January 2026.

The finished store covers 100,000ft² across four levels.

M&S rebuilt the fashion, home and beauty floors under what it calls a "test and learn" format, designed to act as a template for future renewals elsewhere in the estate.

The store has also been equipped with digital screens offering outfit suggestions, along with revamped product displays and extended Click & Collect and payment options.

Pantheon's overhaul forms part of M&S's broader store rotation programme, which the retailer has flagged as a key focus in its ongoing estate reinvestment.

M&S CEO Stuart Machin said: “Pantheon on Oxford Street, where we have had a store since 1938, is our first full-line flagship and our R&D store for fashion, home and beauty. It’s where we’re testing how we make shopping our ranges easier, more curated and more inspiring, from clearer product moments to how the store looks and feels overall.”

The renewal comes weeks after M&S indicated it would lay out plans this year for boosting shareholder returns in future years.

Chief financial officer Alison Dolan told the group's annual shareholders' meeting that M&S holds a solid balance sheet, a net funds position and a strong investment-grade credit rating, which she said would allow the company to keep investing while also lifting shareholder returns over the coming years.