The Growing Race For London’s Luxury Shoppers
The luxury department store business is booming. While the overall retail sector is struggling, Selfridges has recorded five consecutive years of record results and in 2018 saw a £200 million GBP increase in gross transaction value, according to a GlobalData report. And the reason behind this push is not an increase in online sales as many might assume, but physical retail — specifically, the desire to give customers an “experience” that goes beyond simply offering clothing on racks. While e-commerce is growing in the UK, online sales still only makes up 20.6% of the country’s overall retail. So, with 80% of the market still on offer, it stands to reason that luxury retailers would focus on providing more with their retail experience, with a changing menswear landscape also adding impetus for change. “Men now want to shop,” says Simon Longland, Head of Menswear at Harrods. There’s also a shift in how younger customers shop. “It’s no longer a chore or a task,” Longland says. “Particularly with our younger customers who enjoy browsing with friends rather than alone or with a partner.” Read more at Hypebeast.
