This would value it at more than £500m.Retail experts believe Mr Hunter's interest could alert other potential bidders for a company that is seen as a trophy asset. Property companies such as British Land and Liberty International could be interested, lured by the group's property assets which are principally the freehold of its flagship store on London's Oxford Street.Overseas retail groups, such as Pinault-Printemps Redoute of France, could also enter the fray as well as luxury goods operators and private equity groups. Baugur, the Icelandic retailer, which has acquired a small stake in Selfridges, said it was not planning a bid. British Land declined to comment though it is thought the group is not currently looking at Selfridges.Paul Smiddy, an analyst at the stockbroker Robert W Baird, said: "Selfridges is now an international brand and, some might say, a trophy asset. Any of the global upscale retailers could be interested."David Stoddart, at Teather & Greenwood, commented: "The brand has potential and there is more roll-out [of new stores] to do. But unless Mr Hunter has help from another party it looks like a bit of stretch for him."Mr Hunter is a close friend of Philip Green, the Bhs and Arcadia owner.

However, it is understood Mr Green has not spoken to Mr Hunter about his approach. Mr Green's only comment about Selfridges yesterday was: "It's a nice store."Some analysts believe the timing is opportunistic with retail sales suffering, particularly in London where fear of terrorism and the lengthy closure of the Central Line have damaged trade. One said: "People may want to see how the end of the Iraqi conflict pans out, what with fear of terrorism and Selfridges' weighting towards London."One senior fund manager at one of Selfridges' institutional shareholders said: "If it is Tom Hunter then he is going to want to do due diligence. We are a long way away from a bid here."Selfridges' net asset value per share is 278p, largely due to the Oxford Street freehold. There is also development potential at the back of the London site.

Peter Williams, the new chief executive who only took over a few weeks ago, has been considering mortgaging the flagship store and returning up to £360m to shareholders.Mr Hunter walked away from a £197m bid for House of Fraser earlier this year but bought a stake in Allders. He is interested in consolidating the overcrowded department store sector and may be interested in combining Selfridges with House of Fraser. He could then strip out head office costs and convert some of the more upmarket House of Fraser stores to Selfridges, which is a stronger brand. However, one source said: "I think he just wants it for Selfridges."Selfridges has been transformed over the past few years from a down at heel division of the old Sears conglomerate to one of the most fashionable retail groups in the country.

Under the flamboyant Italian Vittorio Radice, who last month joined Marks & Spencer, it adopted a "House of Bands" strategy, selling designer names and exclusive offers such as the Kylie Minogue range of lingerie. It has been trying to reduce its dependence on London with two stores in Manchester and a fourth opening in Birmingham.. Sly Bailey tightened her grip on Trinity Mirror's national newspapers yesterday, taking over direct management of the titles. Ms Bailey will assume Mr Haysom's responsibilities, including editorial, marketing and circulation, "for the foreseeable future".Ms Bailey said: "My judgement was that to improve performance, I need to be closer to the business and the management team [of the nationals] ... This is a mechanism to allow that."It means that Piers Morgan, the high-profile editor of the Daily Mirror, will now report directly to Ms Bailey, as will Tina Weaver, editor of the Sunday Mirror, and Phil Hall, editorial director for Trinity Mirror.Anthony de Larrinaga, an analyst at SG Securities, said: "She's taking direct control over Piers Morgan. She needs to keep an eye on him and understand his business."The Daily and Sunday Mirror titles are seen as the main problems areas for the group, which also has a large stable of local and regional newspapers. The latest circulation figures for national newspapers due today are forecast to show the Daily Mirror's circulation dip below 2 million for the first time in decades.Last year, the company decided to cut the cover price of the Mirror in a move that started a price war with its arch-rival, Rupert Murdoch's The Sun.