Selfridges reports record profits
London premium department store Selfridges is set to report a surge in profits this week after its strategy of mixing luxury brands with the cheapest on the high street paid off.
The company, owned by billionaire Galen Weston, will report a 19% lift in profits to £127 million as sales at its stores in London, Manchester and Birmingham rose 11% to £950 million for the 12 months to January. Managing director Anne Pitcher said the company has succeeded despite the tough consumer environment because it mixes high-end and low-cost products.
Primark recently announced it is to set up its first-ever concession store in Selfridges as the value retailer seeks to increase its hold on the high street. Ms Pitcher told the Sunday Times: "Within the last three weeks, we’ve launched Prada, Dior and Tom Ford in menswear and Cheap Monday in the Oxford Street store. "In Birmingham, we opened Primark and Ralph Lauren in menswear. This makes Selfridges welcome to everybody."
Selfridges, whose roots can be traced back to the 19th century, is well-known for its creative window displays and store designs. The strong results come at a challenging time for the wider retail sector as a squeeze on household incomes hits the high street.