Haringey council has warned Marks & Spencer they will be “missing out” on plenty of custom if they close a flagship store just as regeneration of the borough is about to begin.

The M&S in High Road, Wood Green, has served a generation of shoppers for 77 years but faces closure at is no longer considered financially viable by the firm.

However leader of the council Claire Kober and cabinet member for the economy Joe Goldberg have written a joint letter to the company urging them to reconsider on the basis that regeneration plans are about to take hold.

The letter reads: “Considering leaving at a time when Wood Green is on the brink of significant transformation means you risk missing out on being a part of what we believe is set to be one of London’s big success stories.

“We know the area has some challenges, but we also know that change is coming. In the coming years, the town centre will see major investment, including two Crossrail 2 stations and thousands of new homes.

“For Marks and Spencer to close down now would be to pass up the opportunity of playing a leading role in Wood Green’s revitalisation and missing out on new residents, workers and visitors who would undoubtedly become loyal customers.”

Marks & Spencer announced plans to close the branch last month prompting disappointment from shoppers and a petition by Hornsey & Wood Green MP Catherine West for it to remain open.