What: The UK department store is trading ahead of 2019 levels as leadership is confident in the retailer’s performance amid the economic downturn.

Why it is important: Despite economic downturn and threats of a recession, Harrods has seen an increase in customers purchasing premium items from super brands.

The managing director of the department stated that the rich get richer during the recession, fueling his confidence that the retailer will remain successful during the economic crisis.

Shoppers are increasingly purchasing goods from superbrands like Louis Vuitton and Hermès at the department store and the retailer is also seeing a trend of customers going for more premium items, making the middle ground of the market tougher.

Harrods trades ahead of 2019 levels