Harrods named world’s most successful luxury department store
Harrods has proven that deep-rooted tradition and continued innovation are key to win the retail race, with the famous 170-year old landmark beating others as the world’s best-performing luxury department store.
According to research compiled by architects Sybarite and analyst GlobalData, the high-end shopping destination owned by the Qatari royal family is the strongest performer by sales per square foot.
The historic building on Brompton Road in London’s Knightsbridge made sales of £2.1 billion in the year ended February 2018, up by 6.8% on the prior year.
Selfridges and Liberty were also named in the top five, with the renowned British luxury department stores getting a boost from high-spending tourists looking to pick up shopping bargains as a result of the weaker pound.
In the ranking’s second place was China’s SKP.
Other high-end department stores in the top 10 included Fenwick and Printemps in France.
Joseph Robinson, GlobalData consulting director, said: “The highest ranked retailers are all benefiting from their pro-activity in investing in their stores, helping them to offer differentiation and unique shopping experiences.”
Robinson added: “This is particularly important against the backdrop of the relentless rise of online penetration, and the increasing focus among luxury brands on going alone with standalone stores.”
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