Selfridges achieved a 6% increase in sales in 2018 despite the tough trading environment that is taking its toll on the rest of the retail sector.
The upscale department store delivered sales of £1.85 billion but its profits were hit by the significant investment it has made in its stores, including creating the world’s largest accessories hall at its Oxford Street flagship, with operating profits slipping from £175 million to £170 million. Selfridges has said it plans to invest £300 million over the next three years.
Selfridges places the emphasis on store experience, such as installing a giant indoors skating bowl in its menswear department, and its group managing director Anne Pitcher said in 2019 and beyond the store would “remain at the forefront of experiences as we disrupt and reimagine the world of retail.”
The company recently announced it would install a permanent cinema in its Oxford Street store in time for Christmas, which will be the only permanent cinema within a department store worldwide. It has partnered with boutique cinema chain Olympic Studios, on the project.
Simon Forster, managing director of Selfridges added: “We are a global brand investing in our stores and digital to share our customer experience and innovation.
“Our results demonstrate strong sales and profits and we are confident that the launch of our cinema, toy store and Christmas theme, future fantasy, will support further growth through 2019.”
Investment in digital also helped to drive further sales growth through online channels, the company said.