The owner of Selfridges has warned of a slowdown in wealthy foreigners visiting London to shop after suffering a £130m sales hit…
The upmarket department store chain reported a 7% decline in sales in the 48 weeks to 4 January 2025 to £775m compared with £835m recorded over the 53 weeks of its previous year.
Losses narrowed to nearly £16m from almost £42m the previous year but the group has not made a pre-tax profit since 2019, before the coronavirus pandemic forced shops to close their doors for months at a time.
Selfridges Group has four stores in the UK, including its flagship on Oxford Street in central London, two shops in Manchester and one in Birmingham, alongside its online operations.customer confidence”.
A Selfridges spokesman said: “We are pleased to report strong performance for the financial year 2024 at Selfridges, with an additional 1.2 million visitors to our stores.
“We completed the refurbishment of our Oxford Street beauty hall, enhanced our Selfridges Unlocked membership programme and delivered many extraordinary experiences for our customers.
“This year, we are trading in line with expectations with footfall up again. We have big and exciting plans for the upcoming festive period, which promises to be our most magical Christmas yet.”
