Retailer strategies have shifted dramatically in response to the COVID-19 pandemic, and Russell & Bromley is the latest company to embrace the trend of focusing on suburban locations. Despite some people returning to offices, remote work continues to be prevalent, leading to early retirements and relocations away from city centers.
As a family-owned luxury footwear seller based in the UK, Russell & Bromley currently operates over 30 stores in prime retail areas like London’s Oxford Street, Regent Street, and Jermyn Street, as well as in malls. However, the company is now looking beyond city centers and exploring opportunities in the suburbs, according to a report.
In an interview with The Times, CEO Andrew Bromley, who is a fifth-generation family member, shared the company’s plan to open new stores in “neighborhood” locations. This doesn’t mean they will completely withdraw from key locations, as those still remain a priority. The “neighborhoods” Russell & Bromley is interested in will be among the wealthiest areas in the UK.
Bromley acknowledged that trading in shopping centers and major city shopping streets has declined since the pandemic. However, he noted that trading in upscale areas like Chelsea in London has experienced growth. This suggests that people are opting to shop closer to home and support local businesses. Chelsea is not only popular among shoppers and tourists, but it is also a thriving community for affluent residents.
While the focus is on affluent areas, Russell & Bromley has also been expanding into more traditional flagship sites. Recent store openings include locations in London’s financial district, Canary Wharf, and Grafton Street in Dublin, which marked the brand’s first store outside of the UK. The company also has ambitions for further international expansion, with Andrew Bromley expressing interest in other European cities and the US.
In conclusion, Russell & Bromley is adapting its retail strategy to meet the changing preferences of consumers. By targeting affluent suburbs in addition to prime retail streets, the company aims to cater to shoppers who prioritize local and convenient shopping experiences. The expansion into traditional flagship sites and international markets further showcases the brand’s ambition to reach new customers worldwide.
For more information on the evolving retail landscape and strategies, you can visit the following links:
– Retail Dive
– Business of Fashion
