Selfridges, the renowned luxury department store located in London, has experienced significant growth in sales throughout the year 2018, reaching an impressive total revenue of £1.85 billion. This achievement marks yet another milestone for the iconic company, although operating profits have seen a slight decrease from £175 million to £170 million, which can be attributed to ongoing investments aimed at expanding and enhancing the overall business operations.
Following in the steps of its competitor, Harrods, Selfridges has dedicated itself to creating immersive and experiential retail spaces, designed to provide customers with unparalleled luxury experiences. Recent investments have resulted in the establishment of a new expansive Accessories Hall, a redesigned space for designer womenswear, and a completely revamped menswear floor. Noteworthy additions to the department store include an indoor skate bowl, catering to customers seeking unique and engaging experiences, and The Brasserie of Light, a new dining option introduced to enhance the overall customer visit.
In order to stay at the forefront of innovation within the retail industry, Selfridges has committed to investing £300 million in physical spaces over a three-year period. The company’s strategic vision also includes a re-launch of its webstore, aiming to offer customers a seamless online shopping experience. With 140 million visits to its webstore in 2018 alone, it is clear that e-commerce plays a crucial role in Selfridges’ business strategy. Moreover, recognizing the importance of the Chinese market, Selfridges has launched a Chinese language version of its webstore, attracting a significant number of UK residents seeking exclusive and luxury goods.
As part of the larger Selfridges Group, the iconic department store operates multiple locations worldwide, including Brown Thomas and Arnotts in Ireland, Holt Renfrew in Canada, and De Bijenkorf in the Netherlands. By continuing to invest in enhancing physical spaces, expanding online shopping experiences, and introducing cultural initiatives such as the proposed cinema at its Oxford Street site, Selfridges remains a trailblazer in the global luxury retail sector. Despite a short-term decline in profits, the company’s unwavering dedication to innovation and exceptional customer experiences positions it well for sustained growth and success in the future.
For more information on Selfridges and their latest initiatives, visit their official website here and explore their diverse range of luxury products and services. To stay updated on the latest trends and developments in the luxury retail industry, check out Retail Gazette’s comprehensive coverage here.
